Jiang Zhuoer, the CEO of China-based giant cryptocurrency mining platform BTC.Top believes that Bitcoin is heading to a bearish season that will likely begin next year in June. Zhuoer shared his sentiments in an interview with crypto-journalist Wu Blockchain.
Zhuoer defends his opinion through several study models that he affirms all points to an inevitable bear market for Bitcoin. According to the crypto miner, Bitcoin will experience a fast bull market in September 2021 before encountering the slowest market in June 2021. Precisely, BTC.Top CEO Jiang highlighted the target to be between $150,000 to $300,000.
Zhuoer’s Prediction Models for Bitcoin’s Bearish Season
Bitcoin’s recent market performance has seen the cryptocurrency’s price flutter around $55,000 and not climb to the $60,000 mark. One of the indicators that BTC.Top’s CEO believes predicts the impending bearish cycle is how the current attention and popularity around Bitcoin does not match one received during the past bull market. The CEO of China-based giant cryptocurrency mining platform BTC.Top further mentioned how no other large listed companies in Asia and North America followed up Tesla’s $1.5 billion and Meitu’s $90 million bitcoin purchases.
Apart from the sparse institutional investment, another critical model attributing to Bitcoin’s bearish season is the potential shift in the U.S. monetary policy concerning digital assets. As the world economy will be recovering from the effects of the COVID-19 pandemic, Jiang mentions the possibility of tight regulations negatively affecting cryptocurrencies like Bitcoin by moving investors and traders back to traditional finance.
BTC.Top CEO Jiang is not the only one with a strong belief in an impending bearish season for Bitcoin. The sentiments are also backed by historical data that shows bullish markets never last for more than two years. If time is to tell, Bitcoin is almost exhausting its moment.
All Hope Is Not Lost for Bitcoin
The CEO of China-based giant cryptocurrency mining platform BTC.Top, however, concluded by pointing out that all is not lost for the leading cryptocurrency by market capitalization. He emphasized that if institutional investors continue embracing the digital asset, they will attract more people and hopefully avoid Bitcoin’s bearish season. Uptake by institutions like Morgan Stanley and Goldman Sachs is a good sign that the cryptocurrency’s bull season may extend for a while longer.