Bitcoin could go as high as $6000, says Tone Vays

The cryptocurrency markets have shown signs of a recovery after months of stagnation with bitcoin breaking above $4000 on Monday and capable of going as high as $6000, according to crypto expert Tone Vays.

Bitcoin (USD) has been trading between $3000 - $4000 levels since November last year, after the cryptocurrency experienced a string of major selloffs that saw it fall from a peak of around $20,000 in late 2017.

However, after months of stagnation, bitcoin finally broke through $4000 levels to hit $4050 on Monday, just $100 shy of its highest value of the year that it recorded in February.

But if bitcoin can break above $4200 the cryptocurrency could see some significant gains over the coming months, according to Tone Vays, derivatives trader, analyst and YouTube content creator.

Bitcoin could hit $6000

Vays says that if bitcoin can break above $4200, he expects ‘a thousand-point breakout to the upside’ but admits that that’s ‘where the short-term bull market will end’.

‘I do think we can break out on the price and go as high as $5000, possibly even as high as $6000, but I still think we will see lower lows sub $3000 prices sometime this year,’ he added.

If bitcoin does rally, Vays says that he would be looking to sell some bitcoin somewhere between $5000 and $6000 levels.

He also doesn’t believe that the bear market is entirely over and expects to see lower prices continue so long as bitcoin remains under $10,000.

Bitcoin to replace gold

Following the recent uptick in bitcoin price, several cryptocurrency proponents predicted significant gains in the coming months and even announced that the commodity will one day replace gold as a leading store of value.

The co-founder of blockchain firm Block.One Brendan Blumer took to Twitter over the weekend to make a prediction that bitcoin will replace gold by 2040.

‘Over the next two decades, #bitcoin will replace gold as the leading commodity to store value,’ he tweeted.

Vays is organising the Understanding Bitcoin conference in Malta from 5-7 April.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Cryptocurrency trading

Trade CFDs and spread bet on cryptocurrencies with IG.

  • No need to own any cryptocurrency
  • Trade on bitcoin, ether, ripple and litecoin pairs
  • Speculate on markets that are both rising and falling

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.