Two leading cryptocurrency analysts say they believe Bitcoin is in a new bull market cycle, but predictions that BTC is poised to soar to $100,000 are far too bullish.
In a recent episode of Trading Bitcoin, Tone Vays and the pseudonymous trader Filbfilb debate the current state of the crypto market and where it may head in the months to come.
Vays says BTC needs to close above $10,450 to signal that a bigger move to the upside is in store. Bitcoin came extremely close to that number on Wednesday, reaching $10,444 before plummeting to its current price of $9,568, according to CoinMarketCap.
Filbfilb’s says his target for opening a long position is significantly higher. He’s looking to see if and when BTC can cross $11,500.
As for how high Bitcoin may climb in the next long-term market cycle, both analysts say they expect a new bull market top to hit well below a litany of predictions calling for a parabolic rise to $100k.
Says Filbfilb,
“I think we’re going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point.
I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.”
Vays says he’s looking for BTC to top out at a slightly lower price of around $45,000.
Although the traders say hype around Bitcoin’s halving is fueling price action in early 2020, they say rising trading volumes and an increasing number of outstanding derivative contracts are key metrics to watch in order to gauge real long-term interest in the space.
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