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Zach Bradford, CEO of bitcoin (btc) mining company CleanSpark, has predicted that the leading cryptocurrency may reach a high near $200,000 this cycle.
Bradford's bullish view on btc price
in a bitcoin-price-predicted-peak-near-125955999.html” target=”_blank” rel=”nofollow”>interview With research and brokerage firm Bernstein, the CleanSpark CEO noted that historically, post-halving periods have led to several positive adjustments for the price of btc.
It is worth remembering that bitcoin experienced its fourth halving in April 2024, when its block confirmation rewards were reduced from 6,250 btc to 3,125 btc.
In a note to clients shared today, Bradford commented:
Based on my current analysis, I think we could see bitcoin peak just under $200,000, sometime in the next 18 months. It will probably be a spike. But I do think we will see a quick jump and then hopefully a prolonged period of upside before we revisit a bearish cycle.
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Bradford emphasized that he sees bitcoin's “prolonged flat period” as a positive sign. It indicates that a sustained upward rally may last longer than usual. However, he cautions that this depends on macroeconomic events and other relevant factors.
Adding to his comments, Bradford said he expects a considerable rise in the price of btc after the elections until January 2025. Subsequently, this could help bitcoin miners with efficient cost structures expand their profit margins.
Interestingly, the CEO of CleanSpark does not believe that it matters who wins the US presidential election in November 2024. Rather, the reduction in electoral uncertainty after the election will help investors place more confidence in assets of risk like bitcoin.
Bradford said the US Federal Reserve (Fed) was slow to reduce interest rates after raising them over the past two years. He concluded that to correct its delayed action, the Federal Reserve could cut rates more aggressively in the next 15 to 16 months, leading to further btc price appreciation.
bitcoin Price Seeks More Upside, But Challenges Remain
After hitting a low of nearly $53,900 on September 6, bitcoin has rallied nearly 10% on the back of multiple positive developments, including the Federal Reserve's 50 basis point (bp) interest rate cut and rising of daily net inflows to ETFs.
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crypto analysts believe that there is room for a further rise in the price of bitcoin. For example, analysts at 10x Research predict that btc may reach $70,000 in the next two weeks, followed by a new all-time high price (ATH).
However, there are reasons to temper this optimism. For example, bitcoin's recent rally has been accompanied by a rapid increase in open interest, indicating the possibility of high price volatility in the short term.
Similarly, another analyst highlighted The greater increase in derivatives trading compared to spot trading is a cause for concern regarding a healthy upward trajectory of the bitcoin price. bitcoin is trading at $63,710 at press time, down 3.2% in the last 24 hours.
Featured image from Unsplash, Chart Tradingview.com
