Former JPMorgan analyst expects repeat of the same cycle

Bitcoin’s price has experienced some retracement today. The largest cryptocurrency by market value fell to $ 11,282 during the day it was traded from $ 11,945. This nearly $ 650 drop in Bitcoin has hardly affected altcoins, which have recently experienced significant price increases.

On the other hand, veteran crypto analyst Tony Vays thinks that Bitcoin will continue its upward movement. Commenting on the latest price developments on his Youtube channel, Vays said he thinks BTC will rise to $ 14,000 in a short time. Waiting for the largest crypto money to be pulled back to the level of 10 thousand 700 dollars, Vays commented that by the beginning of 2021, the level of 20 thousand dollars will come.

Former JPMorgan finance analyst says that the upcoming cycle of Bitcoin will lead to a drop in the price of certain altcoins:

“Bitcoin still hovers in the radar’s line of sight. People still believe in trash and scam coins like DeFi. New ones are constantly coming out. People still haven’t learned. Ultimately, Bitcoin will continue to be in the radar’s line of sight, then there will be a 40 percent drop. These useless coins will also fall by 60-70 percent and then Bitcoin will rise again. The same cycle always happens and it will be like this. ”

Vays also stated that Bitcoin is performing better than expected this year:

“My opinion is this; I will lose the claim I entered. Bitcoin will close at over $ 10,000 in more than 90 days. I’m sure I’ll lose the bet, but it’s okay for me. I’m just going to have an expensive dinner with a friend ”

Vays, who was also positive for the S&P 500 after the big market crash in March, said, “I think there has been a correction. The year has started, the collapse has occurred and now we are recovering. I am positive for this year. There is a serious rise candle for a year. ” said.