Key Points
- CleanSpark’s CEO believes that Bitcoin (BTC) will reach $200,000 within the next 18 months.
- Bitcoin has formed positive technical patterns, but it must overcome a strong resistance point around the $68,000 level.
A top executive in the Bitcoin mining industry has expressed optimism about the future price of Bitcoin. In a conversation with Bernstein, a prominent Wall Street firm, the CEO of CleanSpark forecasted that Bitcoin’s price could reach $200,000 in the forthcoming 18 months. This prediction suggests a 210% increase from the cryptocurrency’s current value.
CleanSpark’s CEO’s Outlook on Bitcoin
Zachary Bradford, the CEO of CleanSpark, identified several potential catalysts for Bitcoin’s price increase. These include the Federal Reserve cutting interest rates, the conclusion of the U.S. general election, and the aftermath of the Bitcoin halving cycle. Bradford also anticipates that efficient, low-cost mining companies focused solely on Bitcoin will outperform firms like Core Scientific and TeraWulf that are branching into artificial intelligence.
Bradford’s perspective is significant given his leadership role at CleanSpark, the third-largest mining company in the sector by market cap, following Marathon Digital and Core Scientific. Recent results showed that CleanSpark’s revenue increased to $289 million in the nine months leading up to June. Additionally, its adjusted EBITDA rose to over $238 million.
CleanSpark is also a major Bitcoin holder in corporate America, with 7,558 coins, valued at $482 million, on its balance sheet. Bradford’s bullish stance on Bitcoin aligns with other prominent analysts. For example, MicroStrategy’s founder, Michael Saylor, predicted in a recent CNBC interview that Bitcoin could reach $13 million by 2045.
Bitcoin’s Technical Patterns and Resistance Level
Bitcoin has shown some promising technical patterns. On the daily chart, it has formed an inverse head-and-shoulders pattern and stayed above the 50-day and 200-day Exponential Moving Averages. However, it has encountered a formidable resistance point around the $68,000 level, failing to surpass this trendline five times since March. A break above this trendline could indicate further upward movement, with the initial target being $73,777, its highest point this year.