Within the next 18 months, the world’s largest cryptocurrency may skyrocket to almost $200,000, according to Zach Bradford, the CEO of public bitcoin mining company CleanSpark.
During an interview with Bernstein’s senior analyst Gautam Chhugani, Bradford highlighted upcoming price dynamics for the globe’s leading digital asset.
“Based on my current analysis, I believe we could see bitcoin peak just under $200,000 sometime in the next 18 months,” Bradford said. “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.”
“One positive sign is that bitcoin’s extended flat period shows that sustained upside may last longer as well. Of course, this is all subject to macro events and other factors,” Bradford added.
The mining CEO also posited that bitcoin would likely enjoy a bump after the November presidential election, as volatility would quiet down. Similarly, additional interest rate cuts by the U.S. Federal Reserve would likely help bitcoin, as more investors explore the asset during a period of lower interest rates. Traders are often incentivized to explore riskier assets like bitcoin – particularly if they’re in search of higher returns – during periods of reduced risk.
“I think we’ll start seeing a meaningful push in bitcoin prices post-election through January,” Bradford said, “which should result in significant margin expansion for well-placed miners with efficient cost structures.”
