Bitcoin May Peak Around $200,000 In Next 18 Months: CleanSpark CEO Tells Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,373,557,604,106	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,373,557,604,106

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	147.55	0.21%	69,617.55	69,612.27	69,615.45

Price Change

Price Change %

Current Price

Bid Price

Offer

147.55

0.21%

69,617.55

69,612.27

69,615.45

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,891.92	69,355.00	69,555.89	69,482.07	34,100.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,891.92

69,355.00

69,555.89

69,482.07

34,100.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:23:01	0.000128	69,620.52	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:23:01

0.000128

69,620.52

USD

Price x Volume	Volume	Base Symbol	Related Pairs
96,855,974.60	1,391.69	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

96,855,974.60

1,391.69

Bitcoin May Peak Around $200,000 In Next 18 Months: CleanSpark CEO Tells Why

30/09/2024 11:00pm

NEWSBTC

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. Related Reading: Historical Trends Put Bitcoin At $400,000 With Shocking Timeline 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. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Here’s Why Crypto analysts believe that there is room for further upside in Bitcoin price. For instance, analysts from 10x Research predict that BTC may reach $70,000 in the coming two weeks, followed by a new all-time high (ATH) price. However, there are reasons to temper this optimism. For example, the recent Bitcoin rally has been accompanied by a rapid increase in open interest, indicating the possibility of high price volatility in the near term. Similarly, another analyst highlighted the greater increase in derivatives trading compared to spot trading as a cause for concern regarding a healthy Bitcoin price trajectory to the upside. Bitcoin trades at $63,710 at press time, down 3.2% in the past 24 hours. Featured image from Unsplash, Chart Tradingview.com

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