Chinese Bitcoin Bull Predicts Bitcoin to Hit $740,000 Despite the Prolonged Crypto Winter
Zhu Fa, co-founder of crypto mining pool Poolin, recently made a bullish statement on bitcoin’s price, predicting that bitcoin would surge to new highs at 5 million Chinese yuan (roughly US$740,000).
From record high above $17,000 to year lows near $3,000, Bitcoin’s year-long turbulence has not discouraged crypto bulls. The operator of the world’s fourth-largest mining pool with over 11% of global hashrate still goes hyperbolic on bitcoin price forecast despite the current sluggish climate.
“Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next round of bull run.”
There’s some consensus in the industry that the highs will be 10-20 times what they were in the previous bull run, that means, the new highs in the next bull would be 1 million to 2 million yuan, and 500,000 to 4 million yuan with a 50-200 percent margin of error, he says, however, bitcoin price will not always go up like this. Some claim that the next bull will be the last run, in this sense, an extra one million yuan can be added.
He posted the prediction on instant messaging platform WeChat on Feb.10, commenting another bitcoin billionaire Zhao Dong’s statement that bitcoin right now is the cheapest. Zhu continued that “likes and comments on crypto posts in the community keep going low these days, it now feels more like a bear market”. At the same period last year, numerous WeChat groups on crypto have been emerging and crypto climbed as one of the most talked about topics last Spring Festival in the country.
The Chinese bitcoin entrepreneur is not the only one who remains bullish on the future of bitcoin these days. Mark Jeffrey, author of “Bitcoin Explained Simply”, also predicted bitcoin future growth to a price of $250,000, with an analogy to the early days of the dot-com boom.
“So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
Investment advisor Fundstrat also provides a positive outlook for crypto in 2019, stating that “many headwinds of 2018 are turning into tailwinds”, though it negated 2019 would be the mainstream breakout year, while by the end of 2019, they expect prices to be staging a visible recovery.
The institute, of course, is known more for bitcoin bullishness. Prior to that, its co-founder Tom Lee, said in Jan. 2018 that the asset could surge to $125,000 by 2022 and reduced year-end prediction at $15,000, while this major crypto bull has stopped giving price targets for bitcoin over specific time frames.
Apart from these crypto entrepreneur’s bullish outlook for the crypto realm, voices that bitcoin will plummet to zero or bitcoin is “dead” has reverberated throughout the year of 2018. Will crypto bounce back in 2019 or will it plunge to new lows? Leave your comment below.