Zhao Dong, a bitcoin billionaire and one of China’s biggest over-the-counter (OTC) traders, has recently claimed via the microblogging platform Weibo, a Chinese equivalent of Twitter, he believes bitcoin’s bear market isn’t over.
Zhao noted he sees the flagship cryptocurrency keep fluctuating between the $4,000 and $6,000 marks until October of this year, despite BTC’s recent rise to a five-month high thanks to a mysterious 20,000 BTC order.
According to bilingual crypto news outlet 8BTC, Zhao emphasized he doesn’t believe the bull market has arrived, nor will it come until “crypto speculators’ patience is worn out in the bear market and the crypto hype is gone.” He sees it trade within the $4,000 to $6,000 range until October, at which point it’ll “establish a higher low near $5,000.”
With the upcoming block reward halving next year, he noted bitcoin’s price could see a moderate rise.
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.
Zhao added he hopes a bull trend will then take over, and help the cryptocurrency reach his $50,000 price prediction. He further noted that it doesn’t matter whether he is correct or incorrect, but if bitcoin is to reach $50,000, “billions of dollars must be poured into this market.”
Zhao Dong’s prediction may seem overly bullish, but is dwarfed by those of other popular personalities in the cryptocurrency space. Eccentric cybersecurity expert John McAfee, for example, has claimed one bitcoin will reach $1 million by 2020, while billionaire venture capitalist Tim Draper claims it’ll be at $250,000 by 2022.
At press time, one bitcoin is trading at $5,270 after rising 1.1% in the last 24-hour period. The flagship cryptocurrency has been slowly recovering after hitting a $3,200 low in December of last year.