In a recent interview with research and brokerage firm Bernstein, CleanSpark CEO Zach Bradford forecasted that Bitcoin could peak at just under $200,000 within the next 18 months.
In a recent interview with research and brokerage firm Bernstein, CleanSpark CEO Zach Bradford forecasted that Bitcoin could peak at just under $200,000 within the next 18 months.
He attributed this potential surge to historical trends following Bitcoin's halving and anticipated macroeconomic factors.
Bradford noted that Bitcoin's extended flat period might indicate a sustained upward trend. He emphasized that the forthcoming U.S. presidential election could influence Bitcoin's price, suggesting that the resolution of electoral uncertainty might boost market confidence.
"I think we’ll start seeing a meaningful push in bitcoin prices post-election through January," he stated.
He also remarked on the comparative undervaluation of pure-play Bitcoin miners, suggesting they are currently overlooked as investors favor companies diversifying into artificial intelligence (AI).
According to Bradford, Bitcoin miners typically experience lower capital expenditure and quicker returns on investment, with cash flows realized within weeks rather than years.
CleanSpark has maintained a strategy of selling Bitcoin near market peaks while accumulating during downturns, holding approximately 8,000 BTC valued at around $509 million. The company has been effective in securing smaller mining sites at competitive prices, allowing it to scale its operations to 1GW across five states.
Bernstein has rated CleanSpark as an "outperform" with a price target of $30, while the company's stock closed at $10.13 on Friday, according to TradingView.
Bradford also discussed the evolving landscape of mining technology, anticipating new chips that could achieve efficiencies of 11J/TH. This shift may necessitate a transition to immersion cooling systems to manage increased power intensity and heat generation.
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