The current bitcoin (BTC) bull market could accelerate around September and then slow down by June 2022 before entering a bear market. That’s according to Jiang Zhuoer, CEO of BTC.Top, one of the largest cryptocurrency mining platforms based in China.
“BTC could tip between this September and next June, targeting $150,000-$300,000,” Jiang told CoinDesk in comments sent via WeChat by a representative. “The current price level is definitely not reaching a peak,” he said. “The attention and popularity around bitcoin has not reached the level we saw in the past bull market.”
Jiang also explained his rationale with crypto-journalist WuBlockchain, in a Twitter thread published over the weekend.
- “After Tesla purchased $1.5 billion in BTC and Meitu purchased $90 million in BTC and ETH, there are no other large, listed companies in North America and Asia to follow up,” according to WuBlockchain’s interview with Jiang.
- Jiang also pointed to a potential shift in U.S. monetary policy as a headwind for cryptocurrencies. The global economic recovery could lead to a policy tightening, which could weigh on risk assets including bitcoin.
- Jiang is not alone in his bitcoin forecast. “Previously, several Chinese blockchain company CEOs told WuBlockchain that they believe this autumn might start to turn into a bear,” tweeted WuBlockchain.
Jiang’s company is also experiencing higher mining revenue, especially given the rally in bitcoin’s price. Higher revenue enables Jiang to reinvest in his mining business.
“If you increase labor cost by 10,000 yuan, it is possible to see an increase in mining output by 100,000 yuan. Due to insufficient chip production capacity, it is expected that the profit of the mining business will outperform the growth of bitcoin’s price,” wrote Jiang.
– Muyao Shen contributed to this report.