Many crypto analysts have emerged to state that despite recent dips in the bitcoin price, they believe the world’s number one digital asset is going to rise from the ashes and potentially reach a rather high number in the coming weeks or months. One such figure is Tone Vays, a known crypto analyst that believes bitcoin could reach $100,000 rather soon.
Tone Vays On BTC: It’s Going Down, Then Up
In a recent interview, Vays commented that bitcoin’s recent behavior is reminiscent of how it acted in July. During that time, the asset fell to a disappointing $29,000 after it had been trading for just over $64,000 a few months prior. However, it didn’t take long for the cryptocurrency to jump back up to $52,000, and he believes that bitcoin could incur a similar rally this time around.
We’re in a very similar environment to what happened back in July. It’s crazy how we’re already in the middle of September. A lot of time has passed and this, to me, looks incredibly similar… I would like to see a spike down tomorrow or the next day, taking us into that $43,000 range with a big follow through to the upside then after.
Vays is confident that at some point, bitcoin is likely to drop a bit before the spike, and he believes traders will have an opportunity to purchase BTC at somewhere near the $40K mark. He says:
I just think there will be one more low coming in… It’s very likely this support will break. I don’t like the fact how many times we’ve bounced off this support. I do think this is a bit of short-term support. One more swing low and a chance to pick up bitcoin in the middle of this week in the low $40,000 range.
Once the asset reaches $40,000, he feels rather certain that the currency is going to begin its ascension to six-figure territory, and that the currency could potentially reach $100K by the end of the year. He stated:
A $40,000 low coming in either next week or it could get dragged out… into early October, and then we break this area of $50,000 in mid to late October. We break $65,000 by early November, and then we’re probably hovering above $100,000 by the end of December, so I’m still holding to my view that we break $100,000 in December.
Some Are Predicting Even Higher
While all this sounds great, it hardly compares with another prediction which is coming from Cathie Wood of Ark Invest. Not long ago, the bitcoin bull stated that BTC could reach half a million dollars, though a specific timeline was not given.
She commented that if companies continue to diversify their portfolios and add BTC to their balance sheets, the currency could reach this figure at some point in the future.