Despite breaking previous all-time highs and managing to trade above $50k, a Chinese Bitcoin mining executive believes that Bitcoin could be close to its next bear cycle.
Jiang Zhuoer, who is the CEO of one of China’s leading Bitcoin mining pools, BTC.TOP, made a case for an upcoming bear. He shared his views with local media over the weekend, giving reasons why he thinks the bull market will soon come to an end. According to him, Bitcoin bears could take over the market as early as September or as late as mid-2022.
Zhuoer is hinging his prediction on an economic recovery fuelled by the rollout of COVID-19 vaccinations. He believes that as things return to normal, interest in digital assets would die down. On the flip side, institutional players could sustain the Bull Run if they decide to jump on the Bitcoin train. Otherwise, the momentum could drop, and Bitcoin might plunge to new lows. WuBlockchain tweeted:
But at present, after Tesla purchased 1.5 billion U.S. dollars in Bitcoin and Meitu purchased 90 million U.S. dollars in Bitcoin and Ethereum, there are no other large listed companies in North America and Asia to follow up.
Amid predictions suggesting a possible bear market, Bitcoin whales have continued to “hodl” and accumulate.