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Representatives of one of the largest mining associations in China said that the current bull market of Bitcoin will continue to last and only end in mid-2022.
BTC Miners Association CEO Jiang Zhuoer predicts that the Bitcoin market will only show signs of cooling in about 6-15 months.
Mr. Jiang Zhuoer said that this judgment was derived from the application of data model analysis to the current market situation, and the results showed “as early as September 2021 and as late as June /. 2022 ”, the market will reverse.
In addition, the sentiment that is being widely shared in the Chinese crypto market is also that the bull market will end in the fall of this year. The reason comes from the view that the global economy shows signs of strong recovery when the COVID-19 vaccine is widely distributed and the prospect of the US preparing to change monetary policy.
Another reason that Bitcoin’s current bull run is losing momentum is that the purchasing power of major institutional investors is weakening. After the billion-dollar investments of big companies like Tesla and MicroStrategy in January and February, March 2021 saw only another big name, Chinese company Meitu, which invests in BTC and ETH in money is only 90 million USD.
F2Pool co-founder Shenyu, meanwhile, thinks that Bitcoin’s ability to prolong the current bull market depends heavily on the upcoming IPO of Coinbase, the country’s largest cryptocurrency exchange. America.
As reported by CHK, Coinbase announced that it would conduct an IPO by listing shares directly on the Nasdaq exchange under the exchange code COIN. The listing time is expected to be next April, and the exchange plans to issue up to 114 million shares. With a pre-sale price of $ 425 on the FTX exchange, Coinbase will have a market cap of around $ 48.5 billion. However, some analysts say Coinbase will reach a valuation of up to $ 100 billion.
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