'Bitcoin will hit $740,000 despite crypto winter' says Chinese crypto guru

17 Feb, 2019
by Joeri Cant
Bitcoin
'Bitcoin will hit $740,000 despite crypto winter' says Chinese crypto guru

Co-founder of crypto mining pool Poolin, Zhu Fa, took to social media to share his bullish statement that Bitcoin will surge up to 20,000% in the next bull run.

According to News.8BTC, the Chinese Bitcoin bull predicted that the world's number one cryptocurrency would surge to all-time-highs of roughly $740,000, during the next bull run.

Despite the ongoing bear market, the operator of the world’s fourth-largest mining pool said that the price of Bitcoin 'will be in the range of $74,000 to $740,000.'

However, Zhu Fa couldn't be specific in regards to a given time frame, except by saying 'next round of bull run'.

Read more: Will we see Bitcoin bottom at $2,000 or $1,000?

When we take a quick look at the graph of Bitcoin’s last bull run, the price seems relatively level until the beginning of 2017, where it suddenly turns bullish and goes parabolic, rocketing straight up towards the end of 2017, where it recorded its all-time high.

Zhu Fa, is not the only Chinese crypto leader who thinks Bitcoin will see new all-time-highs.

Chandler Guo, the well-known Chinese cryptocurrency angle investor said that it was 'less likely for Bitcoin to go back to $10,000 in this year, but the next Bitcoin halving about one year and a half away may trigger a tenfold price growth.'

Zhao Dong, one of China’s most influential Bitcoin billionaires and OTC dealers, believes that the bear crypto market will extend throughout 2019, and that we will see the spring appear in 2020 and that 2021 will be the summer where Bitcoin would reach at least $50,000 by 2021.

Even though it may seem as if some of these people are just flashing around big numbers, while not adding much of substance to justify them, we can all reasonably expect the next bull to be upon us ... any time now ... or at least in the next few years?

Read more: What does Bill Gates have to say about Bitcoin?

Bitcoin pioneer, Mark Jeffrey, told The Next Billion Seconds podcast, that he believes the price of one Bitcoin will reach $250,000, and the boom and bust cycles we are currently experiencing were to be expected.

'I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s', he said.

'We’ve just gone through the analogue of that cycle in the crypto universe in a compressed timeframe.'

Jeffrey stated that the entire process has been developping much more rapidly with cryptocurrency:

'So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.'

That is good to hear, thank you, Mark.

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Read more about: Bitcoin (BTC) China

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