A cryptocurrency analyst known as Tone Vays has given a prediction concerning the bull run of BTC that market participants have been awaiting. According to him, the bull run will not hold in the coming year, and there could be a decline to under $7k prior to the mining reward halving.

He spoke his opinion while being interviewed by Block TV in recent times. He is hopeful that the decline that will follow a move to $7k will not be lower than $3k. He thinks that the Bitcoin bull run can then begin following the halving.

BTC halving is anticipated to hold in May 2020. Hence, from his forecast, the price could decline in the near term. He continued that despite the consideration for the halving price, spikes still exist. According to Vays, the occurrence of further decline will bring in a new hype cycle going into the halving.

In his opinion, BTC will not attain its highest price ever next year but foresees a price somewhat more than $10k. According to him, immediately the resistance of $20k is broken, it will be quick to reach $20k and $50k but won’t occur in the coming year. He expects the bull market to begin around 2022 to 2023.

He spoke about external factors. According to him, Libra is not a competitor to Bitcoin, and China is not a major driver of the market. He believes that the USD price remains the controller and the United States regulatory domain.

Featured image courtesy of Shutterstock