He attributed this potential surge to historical trends following Bitcoin's halving and anticipated macroeconomic factors.
CleanSpark (NASDAQ:CLSK) CEO Zach Bradford anticipates Bitcoin (CRYPTO: BTC) could peak at nearly $200,000 over the next 18 months, as per a recent interview with research and brokerage firm Bernstein.
What Happened: According to Bradford, several factors could contribute to this potential surge, including historical trends following Bitcoin's halving and macroeconomic considerations.
Bitcoin's extended period of flat trading might indicate a sustained upward trend, the CEO noted. He highlighted the upcoming U.S. presidential election, which could influence BTC's price. Bradford suggests that resolving the electoral uncertainty could boost market confidence.
"I think we’ll start seeing a meaningful push in bitcoin prices post-election through January," he said.
Bradford also commented on the relative undervaluation of pure-play Bitcoin miners, which he feels are being overlooked as investors favor companies branching out into artificial intelligence (AI).
According to Bradford, Bitcoin miners tend to have lower capital expenditures and faster returns on investment, with cash flows being realized in weeks rather than years.
CleanSpark has maintained a strategy of selling Bitcoin near market peaks and accumulating during downturns, currently holding about 8,000 BTC valued at around $509 million. The company has been successful in securing smaller mining sites at competitive prices, enabling it to scale its operations to 1GW across five states.
Bernstein has rated CleanSpark an "outperform" with a price target of $30, while the company's stock closed at $10.13 on Friday, according to TradingView.
Bradford also discussed the evolving landscape of mining technology, anticipating new chips that could achieve efficiencies of 11J/TH. This shift may necessitate a transition to immersion cooling systems to handle increased power intensity and heat generation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.