There is no shortage of lofty Bitcoin price predictions. However, a recent interview with the veteran Bitcoin trader and commentator Tone Vays saw Vays predict a $100,000 Bitcoin price by 2023. Furthermore, this interview also saw Vays call Ethereum “useless”.
Tone Vays says Bitcoin price could reach $100,000
This interview was conducted by Cointelegraph, and comes as Bitcoin is currently trading around $8,200. Notably, Tone Vays has previously said that Bitcoin could enter a “descending triangle breakdown”. This could be what the Bitcoin price is currently engaged in, as it heads down from its year-high of around $13,800.
According to Vays, Bitcoin could now potential head for a price in the “low $7,000 area” before it reverses. Moreover, the interview saw him say that it could consolidate in the low $7,000s and if the price does not begin increasing again, it could even reach $5,000.
In addition to this, Vays also said that 2019 could even potentially see new year lows. Moreover, Vays says that he is one of those who have “never trusted this run-up to $14,000” after feeling it was “not organic”. He continued:
“I give it a 20% chance that we fall back to the low $3,000 area or even make new lows for a short period of time.”
Nevertheless, Vays has quite a bullish outlook on the future of Bitcoin’s price development. He predicts that the price of Bitcoin will be around $7,500 to $8,000. Furthermore, this will see the Bitcoin price trend rising – even though Vays notes that these prediction may end up being.
Vays: Ethereum is “useless and unstable”
Taking a longer-term outlook on the price trend for Bitcoin, Vays also says that $100,000 Bitcoin price could become reality. Even though this might sound as an overly lofty price prediction, Vays says it may happen in the coming years.
“I do think that $100,000 for a Bitcoin is achievable after this upcoming halving, but remember, we will have 4 more years until the next halving sometime in February or March of 2024.”
Furthermore, Vays goes on to suggest that Bitcoin could hit the “$100,000 vicinity” during the end of 2023 “as speculation rises going into the next halving”. This does not, however, mean that Bitcoin’s price will be immune to future price shifts.
Rather, Vays says that the price of Bitcoin could potentially fall back to the $25,000 area. Additionally, Vays says that there is a number of improving fundamentals that could boost the price of Bitcoin. As such, there are a number of factors to keep an eye on.
With that said, Vays also said that the Ethereum project is “useless and unstable” – suggesting a “mass exit out of Ether can drive Bitcoin very high”.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.