The present bitcoin (BTC) bull market might speed up round September after which decelerate by June 2022 earlier than coming into a bear market. That’s in keeping with Jiang Zhuoer, CEO of BTC.Top, one of many largest cryptocurrency mining platforms primarily based in China.
“BTC might tip between this September and subsequent June, concentrating on $150,000-$300,000,” Jiang informed CoinDesk in feedback despatched through WeChat by a consultant. “The present value stage is unquestionably not reaching a peak,” he stated. “The eye and recognition round bitcoin has not reached the extent we noticed up to now bull market.”
Jiang additionally defined his rationale with crypto-journalist WuBlockchain, in a Twitter thread printed over the weekend.
Jiang’s firm can be experiencing higher mining revenue, particularly given the rally in bitcoin’s value. Larger income allows Jiang to reinvest in his mining enterprise.
“For those who enhance labor value by 10,000 yuan, it’s attainable to see a rise in mining output by 100,000 yuan. As a consequence of inadequate chip manufacturing capability, it’s anticipated that the revenue of the mining enterprise will outperform the expansion of bitcoin’s value,” wrote Jiang.
– Muyao Shen contributed to this report.