All eyes of the crypto market are on the price of Bitcoin. Now that, in the face of the latest rise in its price, crypto community analysts are beginning to wonder how far cryptomoney will go. Tone Vays seems to be clear about this, claiming that Bitcoin is on its way to $50,000. Therefore, it is on the verge of a new big rally in its price.
Bitcoin price (BTC) starts the week off on the right foot
The crypto market in 2020
The year 2020, without a doubt, will be one of the most important years in the history of Bitcoin. After the third Halving in the Blockchain of the crypto-currency, there are enormous expectations about where the virtual currency is headed. Especially, at a time when its quality as an active reserve of value for the great world capitals is being debated.
Thus, important crypt influencers like Anthony Pompliano would refer to Bitcoin as the gold of the future. A financial asset that big capital can put its money into to protect it from the turbulence of the world economy. Knowing that, the price of BTC will be maintained or increased in the face of political, economic or social uncertainty. Just as gold has done so far.
So when the price of Bitcoin seems to be entering a new bullish rally, breaking the psychological barrier of $10,000 once again. It’s only natural that many within the crypto community would begin to speculate about a repeat of a big bullish rally like the one in 2017. When the price of the crypt currency almost reaches 20,000 dollars per BTC, after the second Halving in the block chain.
Will Warren Buffett push the price of Bitcoin to $50,000?
Heading for $50,000?
That’s the opinion of Tone Vays, an investor and crypto analyst for whom the price of Bitcoin is not only going through a big new bullish rally. It would also be heading for a $50,000 price thanks to the global economic situation. This would weaken Fiat money, strengthening valuable reserve assets such as Bitcoin and gold. Thus, in the last episode of Trading the Markets, Vays declared:
„I think the biggest factor was that big capitulation in March (…) The big drop is what I was waiting for this year to finally restart Bitcoin (…) Not to mention that the quarantine is scaring a lot of people. Right now the government is printing money for everyone because they don’t want riots on their hands, but after that, the government is going to be broke, and they’re going to be taxing people to death so that the cities keep functioning.
For this reason, for Vays the conditions would be in place for people to start migrating to alternative assets like Bitcoin. In an attempt to escape the collapse that, for Vays, will inevitably come with the Coronavirus crisis. That could put Bitcoin System in the neighborhood of $50,000 by 2021.
So far, despite the significant advance in the price of Bitcoin in recent weeks, there doesn’t seem to be the momentum yet to take BTC beyond $20,000. However, in the midst of the Coronavirus crisis, and after the third Halving in the Bitcoin Blockchain, everything seems possible.