[2019-02-17] Crypto Miner: The Next Bull Run Could Take Bitcoin Up To $700k

[ruthbabe]

A few days ago, a well-known Chinese billionaire, Zhao Dong, posted on a WeChat group saying that Bitcoin was about to break out in a massive bull run and that the time to buy in is now.

On the same chat, another influential crypto investor has appeared to drop a rather mind-boggling comment. Commenting on Zhao’s post, Zhu Fa dropped a bombshell when he opined that the next crypto bull run could see Bitcoin rise up to hit between $74,000 and $740,000 (500,000 yuan – 5,000,000 yuan).

Zhu is the co-founder and main operator of Poolin, a Chinese crypto mining pool. With roughly 11% share of the total global hashrate, Poolin is currently the 4th largest crypto mining pool in the world.  WeChat forums were abuzz when Bitcoin was hitting its highs, but the enthusiasm that since toned down to moderate discussions.

The Highs Of Bitcoin (BTC)

In December 2017, Bitcoin hit its all-time-high (ATH), reaching a baffling $20,000 price per coin. However, the gain wasn’t to last long as the bear market set in not long after the opening of the next year (January 2018).

Since then, the bears have largely persisted. In fact, compared to the values of December 2017, Bitcoin seems to have shed off a whole 80% of its ATH value. Now Zhu says that the current market situation “feels more like a bear market,” but all is not lost.

Despite this persistent bear attack, Bitcoin still has some strong believers, among them Tim Draper, Tom Lee, and Mike Novogratz. These guys believe that the crypto is yet to reach its full potential and that a massive bull run is just around the corner.

Bitcoin Adoption

Market prices aside, Bitcoin has been gaining quite some traction of late in terms of adoption and general acceptance. Just a few years ago, only a small fraction of the world population and those in the financial world really knew about Bitcoin and cryptocurrencies. Now, things have changed for the better. In fact, Bitcoin seems to be gaining favor among various institutions and business enterprises that have since begun to accept it as a valid means of payment.

Institutional investors have stepped in too. Various popular institutions like Harvard, Yale, and Stanford University have put up Bitcoin investment funds as well as other projects in the Blockchain technology. Financial institutions like Nasdaq, Fidelity, and Bakkt are also coming in to facilitate easier crypto trading by institutional investors.

Source: ZyCrypto

Currently, there were around 25 million people worldwide used Bitcoin in everyday's life, and 13,589 places worldwide are currently receiving bitcoin. Do you think this is not enough to reach mainstream adoption considering there is a small supply of bitcoin and uneven distribution?

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[Lucius]

Price can rise up from 74k $ or even maybe ten times more in next bull run? One more prediction which really does not make much sense, and maybe this is just some kind of a joke between Zhao&Zhu. On the other hand, I leave a small chance that they know something that we do not know - but I agree that next bull run will probably exceed last ATH for at least 10 000$ or more.

Assumptions that 25 million people use bitcoin today may be accurate but also misleading. In any case this is definitely a small number looking at the total human population (over 7.7 billion people), and fact that only Shanghai have almost 25 million people or that Tokyo have over 38 million people. In my opinion number of people who just hold or use bitcoin is too small, we need at least 5% to reach mainstream adoption.

[InvoKing]

Random and overestimated prediction for the near future... The only thing I could think about is this guy trying to make the buzz to attract customers to his service and cryptocurrencies in general.

[KingScorpio]

A few days ago, a well-known Chinese billionaire, Zhao Dong, posted on a WeChat group saying that Bitcoin was about to break out in a massive bull run and that the time to buy in is now.

On the same chat, another influential crypto investor has appeared to drop a rather mind-boggling comment. Commenting on Zhao’s post, Zhu Fa dropped a bombshell when he opined that the next crypto bull run could see Bitcoin rise up to hit between $74,000 and $740,000 (500,000 yuan – 5,000,000 yuan).

Zhu is the co-founder and main operator of Poolin, a Chinese crypto mining pool. With roughly 11% share of the total global hashrate, Poolin is currently the 4th largest crypto mining pool in the world.  WeChat forums were abuzz when Bitcoin was hitting its highs, but the enthusiasm that since toned down to moderate discussions.

The Highs Of Bitcoin (BTC)

In December 2017, Bitcoin hit its all-time-high (ATH), reaching a baffling $20,000 price per coin. However, the gain wasn’t to last long as the bear market set in not long after the opening of the next year (January 2018).

Since then, the bears have largely persisted. In fact, compared to the values of December 2017, Bitcoin seems to have shed off a whole 80% of its ATH value. Now Zhu says that the current market situation “feels more like a bear market,” but all is not lost.

Despite this persistent bear attack, Bitcoin still has some strong believers, among them Tim Draper, Tom Lee, and Mike Novogratz. These guys believe that the crypto is yet to reach its full potential and that a massive bull run is just around the corner.

Bitcoin Adoption

Market prices aside, Bitcoin has been gaining quite some traction of late in terms of adoption and general acceptance. Just a few years ago, only a small fraction of the world population and those in the financial world really knew about Bitcoin and cryptocurrencies. Now, things have changed for the better. In fact, Bitcoin seems to be gaining favor among various institutions and business enterprises that have since begun to accept it as a valid means of payment.

Institutional investors have stepped in too. Various popular institutions like Harvard, Yale, and Stanford University have put up Bitcoin investment funds as well as other projects in the Blockchain technology. Financial institutions like Nasdaq, Fidelity, and Bakkt are also coming in to facilitate easier crypto trading by institutional investors.

Source: ZyCrypto

Currently, there were around 25 million people worldwide used Bitcoin in everyday's life, and 13,589 places worldwide are currently receiving bitcoin. Do you think this is not enough to reach mainstream adoption considering there is a small supply of bitcoin and uneven distribution?

the more you continue with this profitmaximising trash (selffulfilling prophecy ponzi crap), the sooner an entire section (scientific experts) will lose all their credibility in the worlds society.

mail these ads to the broken banks, like JP morgan and try to get JP morgan coin for it.

[veleten]

unsubstantiated predictions is all we are getting instead of the actual price rise
it takes only several huge investors to start buying and it will moon pretty much instantly
the problem is that nobody seems to be buying in bulk at the moment
predictions like that are doing their job and , probably , moving the price in a direction they are supposed to do , but obviously not enough to cause any decent price change

[figmentofmyass]

"this just in: crypto investor thinks the price will go up!"

calling $74k-$740k is pretty reasonable though. lots of room for the unpredictable there. and after the 2017 run, it's more dangerous to bet against the bulls than with them. that's just based on conventional trading wisdom. keep betting the trend until it ends.

[greeklogos]

Oh c'mon! 700k is definitely too much even for FUD news. Calm down future tellers, bitcoin will raise back, but not so high. No way.

[1Referee]

Yet another baseless speculation, even though it's what people want to hear.

Bitcoin Adoption as payment method/currency is great things, but history prove it can't ignite bull run, unless it's accepted by one of company on S&P 500 (or higher). Most of bull run happen because hype anyway.

These things can't ignite a bull run, but do further fuel an already bubbling market. The more good news there is during a bull run, the more effect it will have because of how the mass thinks. It's action reaction. If whatever company accepts Bitcoin, the price pumps, people assume that's the reason it pumps and buy in.

It goes both ways though, people blame BCash for the massive decline while it wasn't, but the price was tanking while these con artists threw mud back and forth, so the mass assumes that this was the main reason the price has gone down. If it really was, we would have gone back up again, but the we didn't, and that's what the mass ignores.

TA would have told people that around that time a massive move was due, and it happened, just not upwards. 

[therhslv]

Oh c'mon! 700k is definitely too much even for FUD news. Calm down future tellers, bitcoin will raise back, but not so high. No way.

That i was saying when BTC was 300$ and it went up to 20k , its like x66 . So if we do x66 from todays price which is 3.5k USD = 231k USD per Bitcoin . Sounds like unreal , but never say never

[sunsilk]

I guess everyone isn't buying anymore with these predictions that doesn't have any basis but they are all basing because they think it will happen.

I'm not into high predictions anymore today but if that day comes, it's great but considering the situation right now and what percentage the possibilities are. We really can't see that it will happen as of the moment.

[BitHodler]

I guess everyone isn't buying anymore with these predictions that doesn't have any basis but they are all basing because they think it will happen.

With or without these predictions, as long as the price goes down, the majority of the people by default stop with buying, especially after buying into one of the many wrong dips....

It really looks like we're dealing with a market traders only allocate a small percentage of their trading-investment balance to, and it actually makes sense. People are more cautious after how $6000 broke in the most brutal way.

As for the 'insane' price prediction, it's something you don't want to read about now. I want people to speculate about even more blood to come, not that it's a good time to buy or that we're due for a bounce up.

[bbc.reporter]

"this just in: crypto investor thinks the price will go up!"

calling $74k-$740k is pretty reasonable though. lots of room for the unpredictable there. and after the 2017 run, it's more dangerous to bet against the bulls than with them. that's just based on conventional trading wisdom. keep betting the trend until it ends.

$74k to $740k hehehe? It might have sounded more credible if he did not make any prediction and only leave it for everyone to know that he's bullish for bitcoin's future.

[Lucius]

That i was saying when BTC was 300$ and it went up to 20k , its like x66 . So if we do x66 from todays price which is 3.5k USD = 231k USD per Bitcoin . Sounds like unreal , but never say never

I personally believe that the price around 200k $ is pretty realistic, as you say we need to repeat what has already happened in past and proven to be possible. The question is how long it takes to reach that price, and can that price be maintained stable for a long time, or we can expect correction which will bring us back to 20k $?

[Betwrong]

That i was saying when BTC was 300$ and it went up to 20k , its like x66 . So if we do x66 from todays price which is 3.5k USD = 231k USD per Bitcoin . Sounds like unreal , but never say never

I personally believe that the price around 200k $ is pretty realistic, as you say we need to repeat what has already happened in past and proven to be possible. The question is how long it takes to reach that price, and can that price be maintained stable for a long time, or we can expect correction which will bring us back to 20k $?

Thank you. I too think that this price is realistic but I can rarely see posts here supporting that idea. The truth is, such a big jump in price, like going from $300 to $20k, happened not only once, but at least two more times in history of Bitcoin. What about going from $5 to $300? And what about going from 10,000 BTC for 2 pizzas (roughly $0.005/BTC) to $5 for 1 BTC?

[Lucius]

Betwrong, when I first heard about bitcoin in 2014 price was around 800$ (750-1000$ range), and I find one video on YouTube with at that time unknown to me Tim Draper who say that bitcoin will hit 10 000$ in next 3 years. After I research some facts about him, there was no doubt that a man knows what he is talking about.

His prediction for 2022 or for 2023 that bitcoin will reach up to 250 000$ is something I have in mind all the time, but there will be no tragedy if this does not happen. I'm thinking that most would be happy if Draper be right only 50% in his speculation, 100 000$+ would be great price in next 4-5 years.

[ruthbabe]

Oh c'mon! 700k is definitely too much even for FUD news. Calm down future tellers, bitcoin will raise back, but not so high. No way.

Well, on May 22, 2010, Bitcoin then was just $0.0025. Bitcoin was not popular then, and no one knows Bitcoin would reach $19,891.00 (Bitcoin all-time high) on 17 Dec 2017 as there were no analysts and/or speculators, and FUD news that time. So, what I mean here is that nobody can tell and/or accurately predict the price of Bitcoin in the coming years. If it reaches 700K or even 20 K that's good because I still hodling Bitcoins in my wallet.

[n0ne]

I haven't heard of the bitcoin price prediction by Tim when I was new to the bitcoin network. Later while the price was around $600, my friend suggested to keep it secure for a longer time period stating that the price will rise much high. I didn't had the mind to believe, but realized the truth last year when it reached the peak above $20k. If that's possible and the same has come from Tim's prediction earlier. Let's wait to see the reality of 2022-2023.

[davis196]

Random and overestimated prediction for the near future... The only thing I could think about is this guy trying to make the buzz to attract customers to his service and cryptocurrencies in general.

This guy is basically the chinese version of John McAfee.
During every small btc price increase,we see some crypto gurus making absurd price predictions.
I guess they want to start another btc price hype bubble.Are there people(even newbies),who still believe those clowns?

[Kemarit]

Random and overestimated prediction for the near future... The only thing I could think about is this guy trying to make the buzz to attract customers to his service and cryptocurrencies in general.

Definitely, there's a lot of over estimated prediction as of late, specially in the last couple of days since the market has somewhat make some rally. But I don't know, this is just a marketing ploy on their side since their business rely on bitcoin so it's obvious they want to make a hype right now so that people will invest and everything will fit on their narratives. And if ever it reaches $700,000, it might take a decade to happen, so let's see how it pans out.