Zach Bradford, CEO of Bitcoin (BTC) mining firm CleanSpark, has predicted that the premier cryptocurrency may peak close to $200,000 this cycle.
Bradford’s Bullish Take On BTC Price
In an interview with research and brokerage firm Bernstein, CleanSpark’s CEO noted that historically, post-halving periods have led to several positive adjustments for BTC’s price.
It should be recalled that Bitcoin underwent its fourth halving in April 2024, when its block confirmation rewards were slashed from 6.250 BTC to 3.125 BTC.
In a note to clients shared today, Bradford remarked:
Based on my current analysis, I believe we could see bitcoin peak just under $200,000, sometime in the next 18 months. That’ll likely be a peak. But I do think we’ll see a rapid jump, and then hopefully, an extended elongated period of it being up before we revisit a bear cycle.
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Bradford stressed that he sees Bitcoin’s “extended flat period” as a positive sign. It indicates that a sustained 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 he expects a considerable push in BTC price post-election through January 2025. Subsequently, this could help Bitcoin miners with efficient cost structures expand their profit margins.
Interestingly, the CleanSpark CEO doesn’t think it’s important who wins the US presidential elections in November 2024. Rather, the reduction in electoral uncertainty after the elections will help investors place more confidence in risk-on assets such as Bitcoin.
Bradford opined that the US Federal Reserve (Fed) was late in cutting interest rates after hiking them over the past two years. He concluded that to correct its delayed action, the Fed might cut rates more aggressively in the next 15 to 16 months, leading to further BTC price appreciation.
Bitcoin Price Looks For Further Upside, But Challenges Remain
After hitting a low of nearly $53,900 on September 6, Bitcoin has rebounded by nearly 10% on the back of multiple positive developments, such as the Fed cutting interest rates by 50 basis points (bps), and increased net daily inflows to ETFs.
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Crypto analysts believe that there is room for further upside in Bitcoin price. For instance, analysts from 10x Research predict that BTC may reach…
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