Bitcoin Could Top Out at $150K to $300K in 2022, Says Large BTC Miner

BTC could peak by next June before entering a bear market, according to Chinese crypto miner Jiang Zhuoer.

AccessTimeIconMar 22, 2021 at 6:37 p.m. UTC
Updated Sep 14, 2021 at 12:30 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.