Chinese Bitcoin Billionaire: BTC Prices Will Likely Rally Between $4,000 to $6,000 For Half A Year
The last week price surge in the crypto space has caught everyone by surprise. After a prolonged crypto winter, people and analysts were cautious over their price predictions and the timing of the next bull run, and most of them predicted that the bull run might arrive in the latter half of the year.
The crypto trade market has been bullish from the start of the year, but every price surge was followed by a market pullback, and whatever small gains were made were immediately nullified. However, the April 2nd price surge saw the majority of the cryptocurrencies break their key upper resistance levels and make double-digit gains. The recent surge has made the market quite bullish again.
Zhao Dong Believes The Bear Market is Not Yet Over
Zhao Dong, the Chinese Bitcoin billionaire and one of the biggest over the counter trader has said that the recent price surge should not be though as the end of the bear market, and the Bitcoin prices would fluctuate between $4,000 to $6,000 for a few months.
The recent surge on April 2nd saw Bitcoin make a 25% gain and reach a 5-month high of around $5,200. But, Dong says the price surge should not be mistaken for the impending bull run as the next bull run will only start until crypto speculators’ patience is worn out in the bear market and the crypto hype is gone.
On April 5th Zhao made another post claiming that the $5,400 will be the final bottom of the cycle run for BTC. And the prices would continue to fluctuate between the $4k to $6k mark for the half of the year. Dong says that the market would see the Bitcoin prices get past the $6k mark only after October. He later also predicted that the Bitcoin Block Reward halvening set for May 2020 would also drive the prices further up.
“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.”
The Chinese billionaire is also hopeful that the block reward halvening would bring the bull run to complete charge and might drive the prices between $50,000 and $100,000 or even higher in 2021. Dong went on to say that his prediction whether it turns out to be true or not, it does not matter, what matter is if Bitcoin wants to breach above $ 50k, 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”
It is quite common in the decentralized space for analysts and traders to predict the market sentiments and future pricing, but there haven't been many whose predictions have come out to be true. But, Dong made a very interesting point that predictions coming true is not the priority here, but strengthening the market is.