Bradford’s Bullish Take On BTC Price
In a recent interview with research and brokerage firm Bernstein, Zach Bradford, CEO of Bitcoin (BTC) mining firm CleanSpark, predicted that the premier cryptocurrency might peak close to $200,000 in this cycle. Historically, post-halving periods have resulted in significant positive adjustments for BTC’s price.
It should be noted that Bitcoin underwent its fourth halving in April 2024, reducing its block confirmation rewards from 6.250 BTC to 3.125 BTC. In a note to clients, 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.
Positive Signs and Potential Risks
Bradford emphasized that Bitcoin’s “extended flat period” is a positive indicator, suggesting that a sustained rally may last longer than usual. However, he cautioned that this outlook depends on macroeconomic events and other relevant factors.
Adding to his comments, Bradford mentioned he expects a notable push in BTC price post-election through January 2025. This could potentially help Bitcoin miners with efficient cost structures expand their profit margins. Interestingly, he noted that the outcome of the US presidential elections in November 2024 is less critical than the reduction in electoral uncertainty, which will boost investor confidence in risk-on assets like Bitcoin.
Bradford also critiqued the US Federal Reserve (Fed) for being late in cutting interest rates after raising 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 almost 10% due to multiple positive developments, such as the Fed cutting interest rates by 50 basis points (bps) and increased net daily inflows to ETFs.
Analyst Predictions and Market Concerns
Crypto analysts believe 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.
Additionally, 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.
