Zachary Bradford, CEO of CleanSpark, the third-largest Bitcoin mining company, has forecasted a significant surge in Bitcoin’s value over the next 18 months. In an interview with Wall Street firm Bernstein, Bradford predicted that Bitcoin could rise by 210%, reaching $200,000. His optimism is based on Federal Reserve interest rate cuts, the upcoming U.S. general election, and the post-halving market cycle.
Strong Performance for CleanSpark
Bradford’s outlook holds weight as CleanSpark is one of the largest Bitcoin mining companies by market capitalization, trailing only Marathon Digital and Core Scientific. In the nine months leading up to June, CleanSpark’s revenue reached $289 million, with an adjusted EBITDA of $238 million. The company holds 7,558 Bitcoins, valued at $482 million.
Other Bullish Predictions
Hey bears, I’m sorry, but #Bitcoin is still in the middle of the bull cycle. https://t.co/QkaZx7wmAt pic.twitter.com/8lkIiRn1W7
— Ki Young Ju (@ki_young_ju) September 30, 2024
Bradford’s bullish stance mirrors that of other industry leaders. Michael Saylor, founder of MicroStrategy, recently predicted that Bitcoin could hit $13 million by 2045. Additionally, BlackRock, the world’s largest asset manager, has identified Bitcoin as a key asset for portfolio diversification. Ki Young Ju, CEO of CryptoQuant, also supports the view that Bitcoin is amid a bull cycle.
Technical Challenges Ahead
Bitcoin price chart | Source: TradingView
Bitcoin’s price has recently displayed promising technical patterns, including an inverse head-and-shoulders formation and positioning above key moving averages. However, it faces significant resistance around the $68,000 mark, having struggled to break above this level since March. A successful breach of this trendline could indicate further upward momentum, with initial targets set at $73,777, the highest point reached this year.
