Bitcoin price could jump by 210%: mining executive predicts

A top Bitcoin mining executive expects prices to continue rising in the ongoing bull market cycle.

CleanSpark’s CEO predicted that Bitcoin (BTC) will rise to $200,000 in the next 18 months in an interview with Wall Street major Bernstein. If his view is correct, he expects the cryptocurrency to rise 210% from its current levels.

CleanSpark’s CEO is optimistic about Bitcoin

According to The Block, Zachary Bradford touched on several potential catalysts for Bitcoin, including the Federal Reserve’s rate cuts, the outcome of the US general election, and the dynamics of the post-halving cycle.

He also expects well-managed, low-cost, pure-play mining companies to outperform firms that are turning to artificial intelligence, such as Core Scientific and TeraWulf.

Bradford’s statement is notable because he runs CleanSpark, the third-largest mining company in the industry by market capitalization, after Marathon Digital and Core Scientific.

The latest results showed CleanSpark’s revenue rose to $289 million in the nine months to June, while its adjusted EBITDA rose to more than $238 million.

CleanSpark is also one of the largest holders of Bitcoin in corporate America, with 7,558 tokens worth $482 million on its balance sheet.

Bradford joins other high-profile analysts making bullish statements about Bitcoin. In a recent CNBC interview, MicroStrategy founder Michael Saylor predicted that cryptocurrency will reach $13 million by 2045. MicroStrategy owns more than 252,000 Bitcoins, which would be worth over $3.2 trillion if it reached its target level.

BlackRock, the largest asset manager with over $10.4 trillion in assets, also made a positive Bitcoin forecast. In a white paper, three top executives argued that Bitcoin is an ideal asset for portfolio diversification.

Ki Young Ju, founder and CEO of CryptoQuant, also believes that Bitcoin is in the middle of a bull cycle that could push it higher.

The odds of Bitcoin hitting an all-time high have also risen on fast-growing prediction platform Polymarket.

Bitcoin needs to clear key resistance level Bitcoin price chart | Source: TradingView

Bitcoin has formed some positive technical patterns. It formed an inverse head-and-shoulders pattern on the daily chart and remained above the 50-day and 200-day Exponential Moving Averages. It also forms a widening wedge formation that has been falling since March.

However, the real challenge is that it finds a strong resistance near the $68,000 level. It has failed to break above this trend line five times since March.

Therefore, a break above this trend line will signal further upside, with the first target being this year’s high at $73,777.