As we ring the curtain down on Q3, uncertainty surrounds Bitcoin’s prospects of reaching six figures in this cycle. However, according to one crypto mining executive, BTC hitting fresh historic highs remains within reach.
During a recent interview, CleanSpark CEO Zach Bradford said that he expects the price of the preeminent cryptocurrency, Bitcoin (BTC), to peak at nearly $200,000 within the next 18 months.
Bitcoin Price To Benefit From Upcoming U.S. Presidential Election
Bitcoin might notch a new all-time high within the coming months.
Speaking to analysts at brokerage firm Bernstein, CleanSpark’s Zach Bradford stated that this bullish breakout will likely start following the U.S. presidential election in November.
“I believe we could see Bitcoin peak just under $200,000 sometime in the next 18 months,” he told Bernstein’s Gautam Chhugani, adding that the forthcoming U.S. presidential election could play a significant role in spurring this bullish upswing. “It’s less about who wins and more about the election being over, which brings certainty,” he added.
Bradford explained that the post-election period typically brings stability, removing a layer of market uncertainty and creating an environment favorable to Bitcoin’s growth.
The pundit believes Bitcoin will witness a rapid rally and then a prolonged bull run before ultimately entering a bear cycle:
“One positive sign is that Bitcoin’s extended flat period shows that sustained upside may last longer as well. Of course, this is all subject to macro events and other factors.”
Post-halving periods have historically resulted in upward adjustments in Bitcoin’s price, buoyed by capital flows and election cycles, the CleanSpark boss continued. “I think we’ll start seeing a meaningful push in Bitcoin prices post-election through January, which should result in significant margin expansion for well-place miners with efficient cost structures.
Bitcoin Over AI
Bradford further indicated that CleanSpark’s strategic focus is currently on Bitcoin mining, emphasizing his conviction that the opportunity in the top crypto is immediate compared to other emerging technologies, such as artificial intelligence (AI).
He highlighted that Bitcoin mining infrastructure pays back more quickly, with revenues commencing in weeks rather than years.
Bradford then disclosed CleanSpark’s strategy of liquidating their Bitcoin holdings near peaks and accumulating their mined BTC during downturns. According to him, the firm has held roughly 97% of its mined BTC since June last year, with its stockpile of the king coin nearing 8,000 BTC (or around $508 million). He noted that the Bitcoin miner plans to sell some of its BTC in future bull markets to finance non-dilutive growth.
