If you ask seasoned Bitcoiner Tone Vays, the Bitcoin price could explode towards $300,000. In a new strategy session, the trader tells his 120,000 plus YouTube subscribers that bitcoin could rise 792 percent to 1,238 percent from current prices in the next bull market.
Two scenarios possible
According to Vays, there are basically two possible scenarios for the Bitcoin price. “So this is my prediction. There are two scenarios. We can hit this line twice like we did in 2021 or once towards the end like we did in 2017,” said Vays.
If we follow the 2017 scenario, then according to Vays there is a price of $ 300,000. If that doesn’t work out and we hit the line twice, just like in 2021, then we’re heading towards a price of ‘only’ $ 200,000.
So you cannot say that Tone Vays is not optimistic about the future of the Bitcoin price, on the contrary. Incidentally, he does not expect these rates until the year 2025. In that respect, we still have to wait for these new highs.
The short term
In the short term, Vays is not all that bullish about the Bitcoin price. On the contrary, he expects that the correction is not yet over. “Last week’s weekly close was not good, which may lead us to another correction,” said Vays.
That new correction, according to the analyst, could take us down to $20,000, the peak of the 2017 bull run. In that regard, we will be “back to square one” when that happens.
At the time of writing, Bitcoin is trading at $22,490 and has started 2023 pretty well. Unfortunately for the bulls, the picture does not look very favorable on the macroeconomic front and the problems at Silvergate Bank do not favor Bitcoin either.