The co-founder of Poolin, which is a Chinese-based crypto mining pool, is in today’s Bitcoin news for predicting that the Bitcoin price could hit 5 million Chinese yuan which is equivalent to $738,000 according to the crypto news outlet 8BTC.
Zhu Fa recently noted that “it now feels more like a bear market,” but also predicted that in the next bull run, prices will be 10-20 times higher than previous ones. He also noted that massive price spikes like the one that resulted in the $20,000 per BTC high in 2017 won’t always exist, adding that the next bull run could also be the last.
Zhu’s mining pool, Poolin, has 10.45% of global network share, according to BTC.com. The current bear market, however, has hit cryptocurrency miners hard and some companies in China even started selling hardware by the kilogram.
The predictions centered around the price of Bitcoin are now more vivid and come in many ways, ranging from bullish to extremely bearish. During a blockchain event in April 2018, the billionaire investor Tim Draper forecasted that by 2022, Bitcoin could reach a price of $250,000.
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