According to the expert, the value of the first cryptocurrency may begin to rise after the next halving

Crypto trader Tone Vays predicts bitcoin to rise to $100 000 in 2023

22.10.2022 - 08:15


2 min

What’s new? Crypto trader and investor Tone Vays warned of a possible rise in the bitcoin rate to the $100 000 mark in 2023. In his opinion, the positive dynamics of the quotes of the first cryptocurrency may result from the approaching halving. Vays said this in an interview with KitcoNews.

Broadcast on YouTube

Halving is bitcoin’s code embedded cut in half of the reward to miners for a mined block on the blockchain. Initially, miners received 50 BTC, this was reduced to 25 coins on November 28, 2012, to 12,5 coins on July 9, 2016, and to 6,25 coins on May 11, 2020. The next reward reduction to 3,125 BTC is expected in 2024 on block number 840 000.

What else does the trader say? Vays also allowed the possibility of bitcoin’s value dropping before the bull market to the $14 000 level. He says capital flows from Europe to the United States and fear of missing out (FOMO) could become the engine of growth. The trader suggests that if bitcoin falls below the $10 000 level, investors will immediately take advantage of it. Vays highlighted the first cryptocurrency’s resistance to censorship and decentralized nature, which he believes ensures its mass adoption. He added:

“We’re witnessing governments, central banks and regular banks freeze bank accounts. This year alone, we’ve witnessed the West and the United States confiscate wealth because people had a Russian passport.”

As of October 22, 08:15 UTC, bitcoin is trading at $19 164, having gained 0,74% in 24 hours, according to Binance.

Earlier, Vays warned of a possible bitcoin crash similar to that of the 2018 bear market. According to the trader, the asset is repeating the price movement of May 2022, when it showed signs of recovery but eventually collapsed. In late July, Vays said that he expected a new low for bitcoin. In his opinion, the asset could hit a new bottom at $14 000.

In September, analysts at The Tie said that given the rise of the network’s hashrate to all-time highs, the date of the halving moves from 2024 to the fourth quarter of 2023.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy