Bitcoin price will reach $100K in 2023; Stocks, crypto to see ‘bull market’ – Tone Vays
(Kitco News) – Bitcoin’s price will reach $100,000 in 2023, and stocks and crypto will experience a “bull market” as European money flees to the United States, said Tone Vays, derivatives trader, crypto analyst and conference organizer.
“I would be surprised if we don’t get close to the $100,000 mark [Bitcoin price] sometime next year,” he said. “I think there will be a lot of speculative money flowing into the stock market and into the crypto markets.”
Vays argued that “capital flows out of Europe” and into the US could trigger Bitcoin’s price increase. He also suggested that fear of missing out (FOMO) could motivate investors to buy more Bitcoin.
“They missed the chance to capture the 2018 low,” he said. “This is a chance to… if [investors] ever get an opportunity to buy Bitcoin again below $10,000, they will jump on it immediately.”
Vays spoke with Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News.
Bitcoin: A Unique Resource
Vays highlighted that Bitcoin cannot be confiscated and is “censorship resistant”, since the cryptocurrency is decentralized. He said these unique features of Bitcoin would lead to more adoption.
“I see Bitcoin as the only decentralized cryptocurrency,” he said. “It’s resistant to censorship, and you can send it to anyone, anywhere.”
Vays pointed to recent examples of governments freezing or confiscating bank accounts for political reasons to argue that demand for Bitcoin will increase.
“We are witnessing governments, central banks and regular banks freezing bank accounts,” he claimed. “This year alone we have witnessed the West and the US … confiscate wealth because people had a Russian passport … before Trudeau and Canada froze people’s bank accounts for a $20 donation for a political contribution … you can don’t do that with Bitcoin.”
Bitcoin price support
Although Vays predicts a $100,000 price for Bitcoin, he said the cryptocurrency could bottom to a “support level” of $14,000 before turning around and reaching new highs. However, he cautioned that Bitcoin’s unpredictability makes it difficult to determine a specific price support.
“Because Bitcoin is so illiquid, it’s much harder to identify a true support level,” he said. “There are no circuit breakers like we have in traditional markets, so whenever Bitcoin crashes, it tends to be very unpredictable … but I’m looking at that $14,000 level.”
He added that he is “keeping a cash position” so that if Bitcoin falls to $14,000, he will buy more in anticipation of future gains.
To find out Tone Vay’s views on Ethereum, watch the video above.
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