In a recent strategy session, Vays said he believed BTC would soon rise to $14,000. The analyst expects the leading cryptocurrency to return to $10,700 towards the end of the year, followed by an all-time high of $20,000 in the first half of 2021.
Ex J.P. Vays, vice president of Morgan Chase, also says the upcoming cycle of Bitcoin will shake up certain altcoins.
“Everything Will Start Again!”
“Bitcoin is still kind of flying under the radar. People still believe in rubbish like DeFi and many other fraud cryptocurrencies, and apparently new ones are coming out. People still haven’t learned their lesson. So Bitcoin will fly under the radar, we’ll have a massive 40% drop, altcoins will drop 60-70% and then Bitcoin will rise again. It’ll all start again.”
Vays, who previously prepared risk analyses for Bear Stearns, says Bitcoin is performing better this year than it initially predicted. Vays is bullish on the S&P 500 over the long term following the big market correction in March.
Bitcoin (BTC) cycle will shake up altcoins
“I think the correction has already happened. I don’t think there will be a one-to four-year fix. I think that happened. The year started and we had an accident with this Red Arrow and now we’re cured. We are positive that this will create a great ascension candelabra of the year.”
