Wall Street Veteran says Bitcoin will reach $28,000 by the end of the year and $300,000 in 2021
Tony Vays said Bitcoin’s US$100,000 price forecast for 2020 is too conservative
Tone Vays, a popular Wall Street analyst and veteran, believes Bitcoin ends 2020 worth no less than $28,000.
Tone Vays is a former Wall Street broker and vice president of JP Morgan Chase, currently an economic trends expert and cryptomotic analyst. Vays began being a Bitcoin advocate in 2013, has since become active in publishing content about digital currency and is Bitcoin Evolution one of the industry’s most respected.
Vays believes that Bitcoin will reach $28,000 by the end of the year based on analysis of three technical indicators of digital currency, the Relative Strength Index (RSI), Moving Average Convergence/Divergence (MACD) and Money Flow (CMF).
For the analyst, all 3 indicate a strong upward trend for the next 4 days before the new year. Based on the current price and strength of the bulls, Vays believes cryptomoeda will move out of its consolidated price (above US$20,000) and explore new historical records.
„The RSI on the daily chart is back in overbought territory, which indicates that you should only stay with your bullish trading for now. The MACD is in a beautiful area right there and is also telling you to just stay with the bullish trade. You don’t know when it will change. And the CMF is also totally, totally optimistic. So there’s not much here to scare you“.
„We’re looking at the daily chart. I’ve drawn this mini triangle situation happening. We have the green star. I believe this green star will hold out until the end of the day and that prepares us for another jump.
There are two ways to see the size of the jump. One way to see this is to take the change we had, as an average change, from the escape area, which was a $4,000 move, and extend it forward from consolidation. That would be another $4,000 move, taking us to just over $28,000″.
US$ 300,000 in 2021
For Tony Vays, Bitcoin should not devalue any time soon, he also said in the video that the digital currency could reach US$300,000 by the end of 2021.
According to him, an estimate of reaching US$100,000 is very conservative, and that his price expectation for the digital currency is $200 to $300,000, perhaps even higher, he said.
„Bitcoin at 100k in the near future is too conservative, the target price expectation for 2021 is 200k at 300k USD…and it may actually go higher.