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Bitcoin Could Rise to Almost $200,000 in Next 18 Months: CleanSpark CEO Tells Why


This article is also available in Spanish.

Zach Bradford, the CEO of Bitcoin (BTC) mining company CleanSpark, predicted that the initial cryptocurrency could reach $200,000 this cycle.

Bradford Bullish Take on BTC Price

In an interview with research and consumer firm Bernstein, CleanSpark’s CEO noted that historically, half-times it led several positive changes in the price of BTC.

It should be remembered that Bitcoin had a quarter in April 2024, when the block confirmation rewards were reduced from 6.250 BTC to 3.125 BTC.

In a letter to clients shared today, Bradford noted:

Based on my current analysis, I believe that we can see the peak value of bitcoin below $200,000, sometime in the next 18 months. That will probably be the peak. But I think we’re going to see a quick bounce, and then hopefully, a long, long climb before we revisit the bear cycle.

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Bradford emphasized that he sees “Bitcoin’s extended period” as a positive sign. It indicates that the ongoing rally to the upside may last longer than usual. However, he cautions that this depends on macroeconomic events and other relevant factors.

Adding to his comments, Bradford said that he expects a big push in the price of BTC after the election until January 2025. Later, this can help Bitcoin miners with efficient cost structures to increase their profit margins.

Interestingly, the CEO of CleanSpark does not think it matters who wins the US presidential election in November 2024. Instead, the reduced uncertainty in the election after the election will help investors put more faith in risk assets like Bitcoin.

Bradford decided that the US Federal Reserve (Fed) was late in lowering interest rates after raising them during the past two years. He concluded that to justify its delayed action, the Fed may cut rates further in the next 15 to 16 months, leading to an improvement in the price of BTC.

Bitcoin Price Is Looking Upward, But Challenges Remain

After falling to around $53,900 on September 6, Bitcoin rebounded by around 10% after several positive developments, such as the Fed cutting interest rates by 50 basis points (bps), and increasing daily income from ETFs.

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Crypto analysts believe there is room for further upside in the price of Bitcoin. For example, analysts from 10x Research predict that BTC may reach $70,000 in the next two weeks, followed by a new high (ATH).

However, there are reasons to temper this hope. For example, the recent Bitcoin rally has been accompanied by acceleration increase with open interest, indicating the possibility of higher price volatility in the near term.

Similarly, another commentator highlighted the large increase in derivatives trading compared to spot trading as a reason to worry about the healthy price of Bitcoin trajectory upwards. Bitcoin is trading at $63,710 at press time, down 3.2% in the last 24 hours.

Bitcoin printed two consecutive red candles, trading at $63,710 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash, Chart Tradingview.com



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