Tone Vays: Unlikely That Bitcoin Will Rise Above $100,000 During 2021

According to a veteran crypto trader and analyst, Tone Vays, the chances are quite low for Bitcoin (BTC) to hit $100,000 between now and the end of the year.

Vays shared with his 116K subscribers on YouTube that while the price of Bitcoin is unlikely to rise above $100,000 during this year, this level could well be reached during the first three months next year.

“And while I still like for Bitcoin to break a $100,000 area by the end of the year, at the moment that is looking unlikely. But Q1 2022 is perfectly reasonable for that break of the $100,000 mark.”

The trader however lays out a scenario where bitcoin could rally more aggressively.

“I do anticipate this Bitcoin price closing at just below the 50-day moving average to be a rejection. It’s already acting like a rejection. But if we make it back to this moving average in a short period of time and on a daily scale – within a couple of weeks – I would expect it to break to the upside.”

But according to Vays the more likely scenario is that Bitcoin keeps continuing its path downwards for now.

“For now, however, we’re going to remain conservative and we’re going to assume that this is rejection taking prices down to a new swing low. As unfortunate as that sounds but this is currently the more likely path, even though my thumbnail is bullish and my background is bullish.”

At the time of writing, Bitcoin trades at $56,380 at time of writing with 5% loss on a weekly chart.