Veteran crypto trader Tone Vays thinks Bitcoin (BTC) may only be in the middle of a long bull market cycle that sees its price skyrocketing over 5x from its current trading price.
Vays tells his 113,000 YouTube subscribers that he believes this BTC bull run will last longer than the previous one, which was 28 months long from a technical perspective.
He thinks it’s likely the bull market will end in 2022, but notes that it could extend into 2023.
“I would love to see this bull market go into 2023. I would love to see the bull market top in 2023 at a quarter of a million dollars or a third of a million dollars before falling 80%.
And it will be a very interesting bear market because falling 80% (starting in 2023) will create a fall into and through the halving, which is something that has never happened before.”
Vays says a lot of analysts and traders think the current bull market started in late 2018. He believes, however, that it didn’t kick off until March of 2020.
Bitcoin plummeted in price on Tuesday from a high of $52,853.45 to a low of $45,299.59, a more than 14% decrease.
The crypto asset is trading at $47,302.67 at time of writing, according to CoinGecko.
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