BTC.Top CEO Jiang Zhuoer : Bitcoin to Bottom Out at $3,000 during Chinese New Year 2019
Though Bitcoin hit a new low over the Thanksgiving weekend, Jiang Zhuo’er, founder of the prominent mining pool BTC.Top, predicts that the world’s largest cryptocurrency is expected to bottom out around $3,000 during the upcoming Spring Festival beginning February 5th, 2019.
The bitcoin tycoon took to Weibo, a Twitter-like social platform in China, to say on Saturday that Bitcoin value may experience a 85 percent drop in the bear market, slumping to as low as $3,000 before or after 2019 Chinese New Year, and will be trading in the $ 4,500 range next year.
Bitcoin tanked to a fresh low for the year at at $3,447.58 on Sunday, a roughly 40 percent drop from two weeks ago and its lowest level since September 2017. As of press time, the original digital currency bounced to $3,721, according to CoinDesk’s bitcoin price tracker.
In addition, Jiang denied the rumor that crypto miners exacerbate the market crash. He said that “every type of mining rig faces a tough sell , and it is nonsense to claim that miners sparked the intense sell-off of cryptocurrenies by selling new mining devices”.
“Considering that it takes 2 or 3 years to recoup investment on new mining devices, we are ready to put new mining rigs which are launched after Antminer T9+ in the warehouse and keep them vacuum sealed. We plan to use these devices in the raining season of 2019 when cheap hydro-electric power is available or in 2020 when the next crypto bull market begins,” Jiang added.
According to the latest estimation of F2Pool, the world’s third largest bitcoin mining pool, five models of bitcoin mining machines, including Antminer S7, Antminer T9, and AvalonMiner 741 by Canaan Creative, Whatsminer M3, as well as Bitmain’s flagship Antminer S9 have reached their “shutdown price”, becoming too expensive to operate under present market conditions.
Large mining farms in the country are struggling to survive the crypto winter, but are still not on the verge of selling off all mining machines by kilo or filing for bankruptcy. A lot of bitcoin bulls are betting that the crypto market would likely turn a corner in 3 years. Zhao Dong, a prominent Chinese OTC trader and founder of Dfund, predicted Bitcoin price will hit $50,000 to $10,000 in three years. What’s more,BTCC China co-founder Bobby Lee took to twitter on Nov 22, say his long-term price target for Bitcoin is $80,000 although short term prices are volatile.