- Zhao Dong doesn’t believe that the bull market is here yet.
- According to him, the price will trend between $4,000 and $6,000 for half a year and it will chart a higher low of $5,000 in October.
Zhao Dong, bitcoin billionaire and one of China’s biggest OTC traders, has recently claimed on Weibo, the Chinese equivalent of Twitter, that he doesn’t believe that BTC is going to go above $6,000 for most of 2019. Dong warned that despite the recent surge in price, the bull market is not here yet and will not start until the speculators’ patience have worn out and the crypto hype is gone. He also believes that $4,000 is the final bottom for BTC. According to him, BTC will keep in trending between $4,000 and $6,000 for half a year and it will chart a higher low of $5,000 in October.
Zhao predicts that the upcoming reward-halving, which will happen around May 2020, will push the price up:
“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.”
He also believes that a large amount of capital needs to be poured into the market:
“ What matters most is where the unprecedented amount of capital comes from and how it enters the market. Until then, a new market structure will be defined and we will see shrinking golden opportunities for start-ups and investments in the sector.”
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.