Veteran crypto strategist Tone Vays is bullish on Bitcoin.
In a new strategy session, Vays says he believes BTC will soon rise to $14,000. After that, he expects the leading cryptocurrency to retrace back to $10,700 near the end of the year, and then move to all-time highs around $20,000 in the first half of 2021.
The former J.P. Morgan Chase vice president also says Bitcoin’s upcoming cycle will shake off certain altcoins.
“Bitcoin is still kind of flying under the radar. People still believe in garbage like DeFi and many other scam coins, and new ones apparently are coming out. People still haven’t learned their lesson. So Bitcoin will fly under the radar, we’ll have a big 40% drop, shitcoins will fall 60-70%, and then Bitcoin will get to rise again. It’s the cycle all over again.”
Vays, who also previously worked as a risk analyst for Bear Stearns, says Bitcoin has performed better this year than he initially predicted.
“Here’s my outlook: I’m pretty sure I’m going to lose my bet, and Bitcoin will close more than 90 days this year above $10,000. I’m pretty confident I’m going to be losing that bet, which is okay. I get to have a nice expensive dinner at my own expense with a friend.”
Vays is also bullish on the S&P 500 in the long run after the big market correction back in March.
“I think the correction has already taken place. I don’t think there will be a one to four-year correction. I think that was it. The year started and we crashed with this red arrow and we’re now recovered. We’re positive on the year. That’s a huge bullish candle on the year.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong