Bitcoin could go as high as $6000, says 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.