Bitcoin price after being unable to touch the $60000 mark, has still been hovering around $55K and trying to maintain support in that range for weeks now.
Will things go downhill from here? Well, Jiang Zhuoer, the CEO of BTC. The top mining pool thinks so. He states that BTC could enter a bear market for a period of September 2021 to June 2022. BTC. Top owns 0.75% of the total hash rate as of mid-February.
In a recent interview with Wu Blockchain, Zhuoer predicts BTC to have a downtrend, and a change in market dynamics will follow. He states this with ref to ‘study models’.
However, Bitcoin has had a great run this year with 824.4% growth and major institutional acceptance.
A Bear Cycle around the corner?
Various interviews conducted by Wu Blockchain reveal that it’s not just Zhuoer’s prediction, but people in the Blockchain industry in China think so too.
The reasons behind, market going bear this autumn could be, with the world economy getting back to its feet in a post-pandemic world, institutional investors and traders will opt back to the traditional finance world and leave crypto behind.
This seems evident and accurate, as there have been no new huge investments by corporate giants after MicroStrategy and Tesla’s investment last month. The pace of these investments has slowed down faster than expected.
It is also historically true that Bitcoin bull markets have not lasted longer than 2 years in a row.
However, Zhuoer says, it’s not all going to go south, there’s still hope for BTC if institutions hold up well for the token.
He says many institutions are increasing their cryptocurrency services to meet the growing demand. Case in point, American banks are launching Cryptocurrency custody services soon.
Also, many recent surveys suggest that people are considering digital asset investment, a serious option as it is a great hedge against inflation and devaluation of the currency.
At the time of writing Bitcoin is trading at $57,666.35 with a market cap of $1.08T.