Chinese Bitcoin Billionaire Thinks the Next Three Months Is the Last Chance for Bottom Fishers
Zhao Dong, one of China’s most influential bitcoin billionaire and a well-known OTC (over the counter) trader, said that he personally thinks the bear market would come to an end soon.
Also known as a shareholder of crypto exchange Bitfinex and founder of crypto lending platform RenrenBit, Zhao recently took to Weibo (China’s equivalent to Twitter) to give a prediction about the crypto market, saying
“The next three months could be the last opportunity for bottom fishers, and after that, the crypto market will enter Spring and then Summer, estimated to rally together with China’s stock market in 2021. There’s always ups and downs, just like the cycle of the seasons.”
Back in November 2018, the bitcoin tycoon presented the theory that the bitcoin market has four seasons for the first time, claiming, “we’re now still in the autumn time of bitcoin, next year (2019) would be the winter.”
While bitcoin surprised its investors after unexpectedly tripling in price in less than three months from $4,000 at the start of April to over $13,000 in late June. At a time when the price failed to capitalize on the seemingly bull and stayed sideways hovering around $10,000 level in the latest two months, Zhao expressed his view that bitcoin might see a big drop in the next three months before entering 2020.
Many crypto investors deem Zhao a legendary figure after learning about his experience in crypto. Zhao entered the bitcoin market in 2013 with 10 million yuan of initial investment, and soon the 10 million yuan brought him 100 million yuan amid the bitcoin price pump in late the year. The overoptimism and misjudgement quickly led him to open heavily leveraged positions. As a result, Zhao found himself 60 million yuan indebted after losing 9,000 BTC in a single day (Feb.10, 2014). He once thought of killing himself but managed to pay back all the debts in two and half years.
This veteran crypto investor is not the only one who is confident about the anticipated bitcoin rally in the upcoming 2020 when bitcoin halving will happen. The cybersecurity expert John McAfee had first said in July 2017 that one bitcoin would be worth $500,000 by the end of 2020, and in his latest tweet, he claims that “it is mathematically impossible for bitcoin to be less than $1 million by the end of 2020”. Tom Lee, co-founder of investment advisor Fundstrat, believed that the price of Bitcoin would be valued at $91,000 in 2020.
As of press time, bitcoin is priced at $10,104 USD on Coinmarketcap, with the 24-hour high standing at $10,212.