Zach Bradford, CEO of Bitcoin (BTC) mining firm CleanSpark, has foreseeed that the premier cryptocurrency may peak shut to $200,000 this cycle.
Bradford’s Bullish Take On BTC Price
In an interwatch with research and brokerage firm Bernstein, CleanSpark’s CEO noticed that historicassociate, post-halving periods have led to disjoinal chooseimistic adfairments for BTC’s price.
It should be recalled that Bitcoin underwent its fourth halving in April 2024, when its block validateation rewards were slashed from 6.250 BTC to 3.125 BTC.
In a notice to clients spreadd today, Bradford relabeled:
Based on my current analysis, I think we could see bitcoin peak fair under $200,000, sometime in the next 18 months. That’ll foreseeed be a peak. But I do slenderk we’ll see a rapid jump, and then hopefilledy, an prolonged elengthyated period of it being up before we revisit a tolerate cycle.
Roverdelighted Reading
Bradford stressed that he sees Bitcoin’s “prolonged flat period” as a chooseimistic sign. It recommends that a persisted rassociate to the upside may last lengthyer than normal. However, he cautions that this depends on macroeconomic events and other relevant factors.
Adding to his comments, Bradford said he foresees a ponderable push in BTC price post-election thcdisesteemful January 2025. Subsequently, this could help Bitcoin miners with efficient cost structures enhuge their profit margins.
Interestingly, the CleanSpark CEO doesn’t slenderk it’s meaningful who thrives the US plivential elections in November 2024. Rather, the reduction in electoral unbravety after the elections will help spendors place more confidence in hazard-on assets such as Bitcoin.
Bradford opined that the US Federal Reserve (Fed) was procrastinateed in cutting interest rates after hiking them over the past two years. He endd that to right its procrastinateed action, the Fed might cut rates more unfriendlyly in the next 15 to 16 months, guideing to further BTC price appreciation.
Bitcoin Price Looks For Further Upside, But Challenges Remain
After hitting a low of proximately $53,900 on September 6, Bitcoin has rebounded by proximately 10% on the back of multiple chooseimistic enhugements, such as the Fed cutting interest rates by 50 basis points (bps), and incrmitigated net daily inflows to ETFs.
Roverdelighted Reading
Crypto analysts think that there is room for further upside in Bitcoin price. For instance, analysts from 10x Research foresee that BTC may achieve $70,000 in the coming two weeks, chaseed by a new all-time high (ATH) price.
However, there are reasons to temper this chooseimism. For example, the recent Bitcoin rassociate has been accompanied by a rapid incrmitigate in uncover interest, indicating the possibility of high price volatility in the proximate term.
Similarly, another analyst highairyed the wonderfuler incrmitigate in derivatives trading contrastd to spot trading as a caengage for worry watching a fit Bitcoin price trajectory to the upside. Bitcoin trades at $63,710 at press time, down 3.2% in the past 24 hours.
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