Most investors in the cryptocurrency space are hoping the digital assets market takes off and never looks back. But as we’ve seen throughout the history of Bitcoin, that probably won’t happen. At least not according to Bitcoin billionaire Zhao Dong.
“Bitcoin price could rise moderately to $10,000 before the halving event next year. After that, it will plunge to somewhere between $6,000 and $7,000,” said Zhao, who added that hopefully, a new bull market will arrive since then, which will propel BTC to hit a new peak, somewhere between $50,000 and $100,000 or even higher in 2021,” said Dong via the social media app Weibo.
The reason he gives for the stagnant yet volatile market echoes what other experts have said. A wave of new money will hit the space eventually, but until then we should expect to see the market fluctuate.
“What matters most is where the unprecedented amount of capital comes from and how it enters the market. Until then, a new market structure will be defined and we will see shrinking golden opportunities for start-ups and investments in the sector.”
Building a viable blockchain firm is what every expert says will finally make the crypto space explode. The first movers will always have an advantage. Zhao thinks the window for small startups along with the average investor is starting to close.
Zhao says “what to do now” and “what to invest in now” is a question everyone in the space seems to be asking themselves.
Many in the cryptocurrency sector anticipate the next Bitcoin halving will be a catalyst for wild growth. However, Zhao isn’t so sure parabolic growth is right around the corner. While he still thinks now is the time to buy, Zhao’s prediction of more up and downs are not as wildly bullish in the short term as others in the space.