Crypto mining pool, Poolin co-founder Zhu Fa foresees a revival in bitcoin prices to be close to $740,000 catching the interest of the crypto devout and the critic alike. Surprisingly, he is not the only Chinese crypto-enthusiast predicting such highs. Billionaire Bitcoiner Zhao Dong has stated that the price of bitcoin is now at its “cheapest” and the bear market of today will eventually pass out.
After the hype of 2018 and the ensuing disappointment, crypto market predictions were muted during the long crypto winter.
Suddenly, in recent weeks, with steady price ranges, there appears to be markings of a great revival in prices of precious cryptocurrency – bitcoin. And Chinese crypto mining pool – Poolin co-founder Zhu Fa, concurs that prices will change for the better steadily.
Zhao Dong and Zhu Fa have been using China-based social media network WeChat extensively to voice their hugely exaggerated predictions.
Zhu Fa who operates a mining pool which is considered as the fourth largest in the world running on a global hashrate of 11% is upbeat and over-enthusiastic with his predictions – “Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next round of bull run.”
Consensus of new high soon
There is speculation among many in the industry that the industry is likely to reach 10 to 20 times that of the previous bull run. New Highs for the next bull will be in the region of 1 million to about 2 million yuan it is predicted.
According to Mark Jeffrey of the runaway-success book, “Bitcoin explained simply,” says bitcoin is poised for growth in the future and is likely to head past prices of $250,000. He adds that
“So in the dot com boom and bust cycle, it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
It is also seen that investment advisor Fundstrat shall provide the necessary outlook for use of cryptos later this year. The claim is that “many headwinds of 2018 are turning into tailwinds” in this New Year. However, there is agreement that neither will 2019 be the “break out year” for the currently struggling bitcoin. At the same time, there is the consensus that there is likely to be a revival in the prices of the cryptocurrencies before the end of the year!