Bitcoin Price Analysis: BTC Price To Surge 30%, Predicts Analyst Tone Vays

The post Bitcoin Price Analysis: BTC Price To Surge 30%, Predicts Analyst Tone Vays appeared first on Coinpedia Fintech News

Get your spacesuits ready because Bitcoin (BTC) is preparing for a major launch, according to veteran crypto trader and analyst Tone Vays. 

Despite recent market downturns, Vays remains bullish on Bitcoin and believes the chances of it surging by over 30% from its current levels are higher than the probability of it plunging to $22,000.

Related: Crypto Market Outlook: Expert Predicts Bitcoin & Major Altcoins To Rebound In 2023 Q3

The Bitcoin Halving

So, what’s fueling Vays’ bullish thesis? The upcoming Bitcoin halving event. 

With less than a year to go until this event, Vays believes that the probability of a random swing to the upside, where Bitcoin could reach $34,000, is much higher than a random crash to the downside, where Bitcoin could drop to $22,000.

In his recent video, Vays explains his reasoning to his YouTube subscribers, stating: “After a 10% or 20% pullback… Less time to the halving boosts my confidence. A random upward swing to $34,000 is much more likely than a random downward collapse to $22,000.” 

Bitcoin’s Current Position and Vays’ Projections

At the time of writing, Bitcoin is trading at $26,792, but Vays believes that the cryptocurrency could soar to $34,000, representing a potential gain of $7,000. He argues that the downside risk is limited and that the possibility of a pullback to $25,000 remains secure.

Related: Bitcoin Price Prediction 2023: Analyst’s Projection Points to Possible Outcome – Coinpedia Fintech News

Vays emphasizes that even if Bitcoin undergoes further corrections, his bullish thesis will remain intact. He draws a parallel between a potential pullback to $25,000 and a previous scenario when Bitcoin reached $20,000, stating that there is “really no difference” between the two situations.