One of China’s biggest miners expects Bitcoin bull run to end in 2022

2021-3-23 17:47

One of the biggest China-based Bitcoin miners says the Bitcoin market would move ahead with full steam and see a slowdown only in June 2022, as per local sources.

Miner caution

Wu Colin, a journalist focused exclusively on China who goes by Wu Blockchain, said in a tweet yesterday that Jiang Zhuoer, the CEO of Bitcoin mining firm BTC.TOP, cited data models to predict that June 2022 will turn “from a bull to a bear market.”

Jiang Zhuoer, one of China's big miners, told WuBlockchain that according to the latest multiple model studies, the fastest will be September 2021 and the slowest June 2022 will turn from a bull to a bear market. pic.twitter.com/g72wgYnYnu

— Wu Blockchain (@WuBlockchain) March 21, 2021

Colin added that local mining firms had previously stated that September 2021 could see the market become more bearish. The miners cited economic recovery after the rollout of the coronavirus vaccine and the beginning of a shift in US monetary policy as the two catalysts for a bearish move, Colin said.

What changed? The presence of institutional capital in the crypto market, said Colin. “There are also opinions that if more traditional large institutions buy Bitcoin and Ethereum, the bull market may continue for a longer period of time or even the next round of halving,” he tweeted.

Zhuoer’s comments come on the back of both technology firms and institutional banks moving into the crypto space. The asset, for the former, is one that serves as a macro ‘hedge’ amidst a bleak economic environment, while for the latter, it’s arguably no more than a source of new and more income.

An institutional rush for Bitcoin

The past six months saw an influx of institutional funds into crypto at previously unseen levels. Business analytics firm MicroStrategy picked up over $1.9 billion worth of Bitcoin over several instances—even raising funds via a convertible note to fuel its purchasing frenzy.

Payments technology firm Square picked up $50 million in Bitcoin in October 2020, before following it with a $170 million purchase of more Bitcoin in February 2021. Elsewhere in China, Hong Kong-listed photo app Meitu picked up over $50 million worth of Bitcoin and Ethereum, becoming the first Far Eastern public company to do so.

There was then the landmark $1.5 billion purchase of Bitcoin by electric carmaker Tesla last month. CEO Elon Musk was continually tweeting about the asset (and Dogecoin) in the weeks just before the purchase was made public, meaning the move wasn’t a big surprise for some.

Big banks are now in the game as well. JPMorgan said it is now developing new crypto products for clients, Goldman Sachs said it would restart its famed Bitcoin trading desk, while Morgan Stanley said it would launch new Bitcoin ETFs targeted towards US investors.

But the euphoria aside, the bear market is likely to happen when everyone’s least expecting.

The post One of China’s biggest miners expects Bitcoin bull run to end in 2022 appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95673.44 (-1.31%)
Объем 24H $40.53b
Изменеия 24h: -1.52 %, 7d: -6.61 %
Cегодня L: $95673.44 - H: $97458.26
Капитализация $1898.09b Rank 1
Цена в час новости $ 54981.94 (74.01%)

bitcoin one 2022 biggest miners china expects

Источник: cryptoslate.com

bitcoin one → Результатов: 126


Фото:

Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

Bitcoin has seen some immense volatility as of late, with bulls reversing its recent losses entirely overnight as they regain control of the crypto This price action confirms that the latest selloff was one that is quite common during bull markets when the crypto retraces 30-40% before continuing its ascent BTC’s strength is creating tailwinds for the entire market, as ETH and most other major altcoins have also surged higher One trader is now noting […]

2021-1-14 21:00


Фото:

Indicator Suggests Bitcoin is Overbought; $13,300 Could be Imminent

Bitcoin is currently struggling to hold above its crucial $16,000 support level as buyers and sellers both fight for control of its near-term price action Where it trends next will likely depend largely on the continued reaction to this level, as a sustained decline below it could strike a serious blow to its technical outlook One trader is noting that one technical indicator is suggesting that Bitcoin is overbought at the present moment The same […]

2020-11-14 19:25


Фото:

This Silver Fractal Suggests Bitcoin Could Soon See a Parabolic Rally

Bitcoin’s well-established consolidation trend is showing no signs of ending anytime soon, as the crypto is still hovering within the mid-$9,000 region Each attempt to break above or below the upper and lower boundaries of its current trading range have been unsuccessful There is, however, one fractal pattern that bodes well for the crypto’s bulls One analyst is pointing to similarities between previous silver price action and Bitcoin for insights into where the benchmark digital […]

2020-6-18 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.