Key Points
- Zach Bradford, CEO of CleanSpark, predicts Bitcoin could reach nearly $200,000 within the next 18 months.
- Bradford believes Bitcoin’s price stability indicates a sustained upside and the 2024 halving could significantly influence its price.
Zach Bradford, the CEO of CleanSpark, recently shared his bullish outlook for Bitcoin in an interview with Bernstein analysts.
He suggested that Bitcoin could potentially hit a peak of almost $200,000 within the next year and a half, according to The Block.
This optimistic prediction highlights the increasing confidence among industry leaders regarding the future trajectory of the cryptocurrency.
Bradford’s Analysis of Bitcoin’s Future
Bradford said, “Based on my current analysis, I believe we could see Bitcoin peak just under $200,000, sometime in the next 18 months. That’ll likely be a peak. But I do think we’ll see a rapid jump, and then hopefully, an extended elongated period of it being up before we revisit a bear cycle”.
He further emphasized that Bitcoin’s extended period of price stability could indicate a sustained upside in the coming months.
He added that this is all subject to macro events and other factors.
Bitcoin’s Price Influenced by Halving and Election
Historically, Bitcoin’s price tends to surge following its halving events, which reduce the reward for mining new blocks by half.
The next halving is expected in 2024, and Bradford believes this could significantly influence Bitcoin’s price.
He said, “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-placed miners”.
Bradford also discussed the potential impact of the upcoming US presidential election on Bitcoin’s market.
He suggested that the resolution of election-related uncertainties could positively affect the cryptocurrency.
He said, “It’s less about who wins and more about the election being over, helping to reduce uncertainty”.
Furthermore, Bradford commented on the Federal Reserve’s monetary policy, stating that the central bank might become more aggressive in cutting rates over the next 15 to 16 months.
According to Bradford, this could bode well for Bitcoin as investors seek alternative assets amid a shifting economic landscape.
CleanSpark’s Strategy in Bitcoin Mining
While some Bitcoin mining companies are diversifying into AI and other sectors, Bradford argued that pure-play Bitcoin miners like CleanSpark are currently undervalued.
He pointed out that mining infrastructure investments pay back more quickly than those in AI data centers.
Bradford highlighted CleanSpark’s strategy of acquiring smaller sites ranging from 25MW to 75MW at costs less than $500,000 per MW, significantly cheaper than industry peers.
This approach has allowed CleanSpark to scale up to 1GW power contracts across five US states.
“Our strength has been in acquiring undervalued assets efficiently, something we believe the market is undervaluing,” he said.
