As an analyst with over two decades of experience in financial markets, I find Zach Bradford’s prediction of Bitcoin reaching $200,000 intriguing. Having closely observed market cycles and trends across various asset classes, I can say that his assertion about post-halving periods leading to positive adjustments for BTC‘s price aligns with my observations.
According to CleanSpark’s CEO, Zach Bradford, he anticipates that the value of Bitcoin could reach nearly $200,000 during this particular market cycle.
Bradford’s Bullish Take On BTC Price
During a discussion with the research and investment company Bernstein, the CEO of CleanSpark pointed out that after previous halvings, Bitcoin’s price has often experienced favorable changes.
In April 2024, Bitcoin experienced its fourth reduction in reward for mining a block, with the payout dropping from 6.25 Bitcoins to 3.125 Bitcoins per block confirmed.
In a note to clients shared today, Bradford remarked:
According to my current assessment, it seems plausible that Bitcoin could reach nearly $200,000 within the next 18 months, marking a potential peak. Following this spike, I anticipate a quick surge, after which we might experience a prolonged period of upward trend before entering another bear market cycle.
Bradford emphasizes that he views Bitcoin’s prolonged plateau as a promising indication. This could mean that an extended upward trend might persist for a longer time than typical. Nevertheless, he advises caution since the duration of such a rally is contingent on macroeconomic occurrences and other significant factors.
Following his remarks, Bradford expressed his belief that the price of Bitcoin will experience a significant surge following the election and up until January 2025. This potential increase might enable more profitable operations for Bitcoin miners who have an optimized cost structure.
It’s worth noting that the CEO of CleanSpark isn’t particularly concerned about who will win the U.S. presidential election in November 2024. Instead, he believes that post-election certainty will boost investor confidence in riskier assets like Bitcoin, since reduced political unpredictability can lead to increased investment in these assets.
Bradford expressed his viewpoint that the U.S. Federal Reserve (Fed) had acted too slowly in reducing interest rates following their increase over the past two years. He suggested that to compensate for this delay, the Fed might take a more decisive approach and lower rates more significantly within the next 15 to 16 months. This could potentially result in an upward trend in Bitcoin prices.
Bitcoin Price Looks For Further Upside, But Challenges Remain
Since reaching a low of almost $53,900 on September 6, Bitcoin has experienced a nearly 10% surge due to several encouraging updates. These include the Federal Reserve lowering interest rates by 0.50%, as well as an increase in daily net inflows to ETFs (Exchange-Traded Funds).
According to crypto experts, there’s potential for Bitcoin prices to rise even more. For example, analysts at 10x Research foresee Bitcoin potentially reaching $70,000 within the next fortnight, which could lead to a fresh record high price.
On the other hand, it’s important to keep a balanced perspective. For instance, the surge in Bitcoin’s value lately is also associated with a significant rise in open interest, which could potentially lead to significant price fluctuations in the short run.
In much the same way, another expert has flagged a higher growth rate in derivative trading rather than spot trading as a potential worry for Bitcoin’s bullish price trend. Currently, Bitcoin is priced at $63,710, representing a 3.2% decrease over the past day.
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2024-10-01 01:16