Bitcoin has had a relatively shaky year in many ways, and according to analysts like Tone Vays, things are not going to go great during the rest of the year.
Tone Vays: BTC Won’t Hit $10K Again This Year
Vays recently took to social media to explain that bitcoin is not going to hit the $10,000 mark again until 2021 comes along. In fact, the cryptocurrency could even face falling as low as $6,000 before any major moves come about. During a YouTube live stream, Vays commented:
Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year.
The currency initially reached the $10,000 mark in February following a disappointing 2019. At that time, the currency was ending the year just over the $7,000 mark, though things took a positive turn in January that saw the digital asset expanding beyond this figure and adding hundreds and even thousands to its price over the course of 30 days. By February, bitcoin had reached a five-figure position that many analysts thought would last for some time.
However, the spread of the coronavirus in March ultimately caused bitcoin and many other assets to lose all they had built and gained. By the midway point of the month, the world’s number one digital currency was briefly trading in the high $3,000 range after falling by several thousand dollars, which means that the currency had lost roughly 70 percent of its value in a matter of weeks. Things appeared disappointing from there as the asset struggled to move back towards the $5,000 and $6,000 ranges.
However, things did move up as bitcoin showed its resiliency towards the world, maneuvering its way deep into green territory quicker than anyone anticipated. The currency saw itself trading back in the $9,000 range by early May following anticipation surrounding this year’s third halving. The currency even briefly hit $10,000 again in May and June respectively, though these jumps didn’t last more than a few hours each.
Bitcoin, for the most part, has spent much of the year in the $9,000 range at this point, which is a huge improvement over where it stood three months ago. Still, a five-figure status for BTC would be highly welcomed at this point, but according to Vays, this isn’t likely to happen until 2020 says adios.
I’ve Been Right Before
Among the reasons for Vays’ hypothesis is that bitcoin has been seriously liquidated on major exchanges like BitMEX in Seychelles. The platform has seen close to $24 million disappear from its stash while also playing witness to over $6 million in BTC shorts.
Thus far, Vays has been accurate in his bitcoin predictions, such as one that said BTC would fall below $4,500 this year, which it did for a short time.