24.06.2024

One of the largest miners told when the current stage of growth of the cryptocurrency market may end

Journalist Wu Colin shared on Twitter with quotes from the CEO of China’s largest Bitcoin mining pool, BTC.TOP, Jiang Zhuer, who commented on the prospects for the future of the cryptocurrency market.

The latter noted that analysts at his company expect the end of the current phase of growth around mid-2022. This forecast is in line with the current sentiment among long-term BTC holders. Even with the rapid rise in the price of Bitcoin, they have been in no hurry to get rid of most of their cryptocurrency assets lately.

Let’s start with an explanation. Forecasts in the cryptocurrency industry are a fairly popular phenomenon, because thanks to them, experts can share their own vision of the current situation and options for its development. Especially often, analysts voice predictions in relation to coin prices. Most memorable in this regard is developer John McAfee, who promised Bitcoin a million dollars by the end of 2020.

However, there are also more adequate thoughts. For example, in January of this year, Changpeng Zhao, the founder of the Binance cryptocurrency exchange, voiced his opinion on the possible duration of the market flight. According to his forecast, the race could last until 2024.

Separately, we note that all such statements may not come true. Therefore, they should not be treated as the only correct version of the development of an event, but only as a possible option.

When will Bitcoin start to fall?

The journalist cited Zhoer’s words and also noted that earlier the management of several large Chinese cryptocurrency companies announced the possibility of an imminent change in the trend to bearish this fall. They considered the reason for this to be the economic recovery after the popularization of the COVID-19 vaccine and the possible start of a shift in US monetary policy. However, now the forecast has shifted to a later date , that is, in theory, there is more space for traders and holders to make money.

According to experts, the most active period of growth in the cryptocurrency market will be September 2021. At the same time, the trend change should overtake the blockchain asset industry in June 2022. This is the prediction that the experts shared.

According to analytical platform Santiment, large Bitcoin holders continue to accumulate coins. In the last 30 days alone, more than 35 thousand BTC have been withdrawn from crypto- exchanges . This suggests that bitcoins are sent from exchange sites to cold wallets for long-term storage. That is, large players are counting on the continued growth of the crypto market , because otherwise they would get rid of assets, and not save them.

cryptocurrency trading chart

The divergence of the lines on the chart is a visualization of the growth of balances of long-term holders and a reduction in the balances of «newbies»

Here is a quote from an analyst firm cited by Cointelegraph.

As you might expect, not all whales act in unison. However, we have seen interesting trends over the past couple of months. For example, addresses with a value of 100-1000 BTC “grew” by 353 thousand BTC since February 1, while addresses with a value of 1-10 thousand BTC “lost” 300 thousand BTC.

That is, the owners of more bitcoins continue to accumulate coins and make money on the bullish trend. Bottom line: now is not the best time to get rid of the cryptocurrency completely, as its growth is likely to continue. At least this point of view is supported by experts.

We believe the outlook from the industry representative is positive. And although the expert once again reminds of the inevitability of the end of bull run, there is still more than enough time before that. In addition, the founder of the Binance exchange, Changpeng Zhao, is betting on growth until 2024, which is significantly different from the new version of the mining pool representative. Which one turns out to be correct – time will tell.

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