Bitcoin Billionaire Zhao Dong: Bitcoin Is Likely To Fluctuate Between $4,000 and $6,000 For Half a Year
With Bitcoin( BTC) ’ recent surge to a five-month high, Zhao Dong, bitcoin billionaire and one of China’s biggest OTC traders, has recently claimed on Weibo, the Chinese equivalent of Twitter, that the sudden jump in Bitcoin price does not mark the end of the bear market, and the original cryptocurrency the original cryptocurrency trading in a range, likely between $4,000 and $6,000, will continue for a few more months.
Bitcoin, the largest cryptocurrency by market cap, soared 20% to break $5,000 for the first time since November on April 2. The rise also marked its best one-day gain since April 2018. Bitcoin is trading at $5252 at the press time, up 1.77% over the past 24 hours, according to data from coinmarketcap.
However, Zhao emphasized on Weibo on April 2 that despite the abrupt surge of BTC, the bull market is not here yet, and hinted that the next bitcoin bull run will not start until crypto speculators’ patience are worn out in the bear market and the crypto hype is gone.
In another Weibo post which was released on April 5, Zhao noted that $4,000 was basically this cycle’s final bottom for BTC, and it could run to $6,000. He believed BTC will fluctuate between $ 4,000 and $6,000 for half a year, and in October, it’s likely to establish a higher low near $5,000.
The bitcoin tycoon thought the upcoming bitcoin block reward halving which is expected to occur sometime around May of 2020 will push the price further upward.
“ Bitcoin price could rise moderately to $10,000 before the halving event next year. After that, it will plunge to somewhere between $6,000 and $7,000,” said Zhao, who added that hopefully, a new bull market will arrive since then, which will propel BTC to hit a new peak, somewhere between $ 50,000 and$100,000 or even higher in 2021.
He also added in a WeChat Momemts post last Saturday that it does not matter whether his prediction is correct, what really matters is a fact that if bitcoin wants to surge to and remain above $50,000, hundreds of billions of dollars must be poured into the market.
“ What matters most is where the unprecedented amount of capital comes from and how it enters the market. Until then, a new market structure will be defined and we will see shrinking golden opportunities for start-ups and investments in the sector, ” Zhao said.
Therefore, he believed ‘what to do now’ and ‘ what to invest in now’ is vital.