In recent days, the crypto analyst stated that Bitcoin may be heading for USD 50,000 by 2021. The current global economic crisis could be leading people to seek Bitcoin as a store of value.
Everyone is concerned about the price of the main cryptocurrency on the market. The latest rise in its price has led analysts in the crypto community to wonder what the fate of the cryptocurrency will be.
Tone Vays has a very clear opinion on this matter since he states that Bitcoin is heading for USD 50,000. Therefore, it is on the verge of a new big bullish rally in its price.
Crypto Market Situation in 2020
Undoubtedly, 2020 will be one of the most important years in the history of Bitcoin. After the third halving on the cryptocurrency blockchain, huge expectations around where the virtual currency is going have risen. At the moment, there is debate about its quality as a store-of-value asset for the great world capitals.
In this sense, Anthony Pompliano, among other important crypto influencers, referred to Bitcoin as the gold of the future. He says that it is a financial asset in which large capitals can protect their money from the turmoil of the world economy. The price of BTC has given signs that it will hold or rise in the face of political, economic, or social uncertainty, just as has happened to gold.
The price of Bitcoin appears to be heading for a new bullish rally, which breaks the psychological barrier of USD 10,000 once again. Therefore, it is logical that many members of the crypto community begin to speculate on the occurrence of a large bull rally like the one in 2017. At that time, the price of the cryptocurrency almost reached USD 20,000 per BTC, after the second halving on the blockchain.
Bitcoin Heads for USD 50,000
Investor and crypto analyst Tone Vays believes that the price of Bitcoin is not only undergoing a new big bullish rally. He also thinks that it could be heading for a price of USD 50,000, thanks to the global economic situation. He said that this crisis could be weakening fiat money and strengthening store-of-value assets such as Bitcoin and gold.
In recent days, Vays said that the biggest factor was the huge capitulation occurring last March, not to mention that many people are afraid of the quarantine. He explained that the government is printing money to avoid riots, but it will eventually go bankrupt and will have to tax people so that cities can continue to function.
For this reason, Vays believes that the conditions exist for people to start migrating to alternative assets like Bitcoin, in an attempt to flee the collapse that will inevitably come. That situation could put Bitcoin around USD 50,000 by 2021.
Despite the recent surge in the price of Bitcoin, it seems that there is still not enough momentum to push BTC beyond USD 20,000. However, everything seems possible during the coronavirus crisis, and after the third halving on the Bitcoin blockchain.
By Alexander Salazar
