Leading Chinese miner estimates the timing of the bearish cycle in the bitcoin market

Bitcoin’s bullish trend in the worst-case scenario may change to bearish in September 2021, and in the best-case scenario in June 2022. Chinese journalist Colin Wu writes about this with reference to the statement of the general director of the BTC.TOP pool and one of the country’s largest miners, Jiang Zhuer. Zhuer, in turn, refers to “recent studies of several models.”

“Several CEOs of Chinese blockchain companies have previously told me that they think the trend could turn bearish this fall,  Wu writes . “They cite economic recovery amid the spread of the vaccine and the beginning of changes in US monetary policy as reasons.”

Wu adds that the institutional players’ acquisition of Bitcoin is believed to be able to sustain the bull market for a longer period, until the next halving in 2024. “However, following the $ 1.5 billion purchase of Tesla and $ 90 million of Meitu, new listed companies in North America and Asia have yet to enter the cryptocurrency market,” Wu said.

At the same time, Zhuer believes that the bullish cycle in the Bitcoin market is not over yet. This is indicated by his post on Weibo, where he draws attention to another problem – the lack of chips. Because of it, according to the miner, the computing power of bitcoin grows slightly compared to the price. Over the year, the price has risen from $ 4,841 to $ 60,000, or by 1,139%, while the computing power – by 30%.

“Over the past two weeks, the price of bitcoin has been correcting, and farms in Inner Mongolia have been closed. This has led to an increase in the supply of mining equipment on the market. If you did not take the opportunity to buy such equipment, please note that its price will rise again next week, ”he wrote on March 13.

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