CleanSpark CEO Zach Bradford Monday said Bitcoin could peak at nearly $200,000, potentially within the next 18 months.
In an interview with Bernstein, he said that this bullish momentum is expected to commence following the U.S. presidential election.
"I believe we could see Bitcoin peak just under $200,000, sometime in the next 18 months," he said, adding that the upcoming U.S. presidential election could play a significant role in driving this price movement. “It’s less about who wins and more about the election being over, which brings certainty,” he said.
Bradford added that the post-election period typically brings stability, reducing market nervousness and providing an environment conducive to Bitcoin's growth.
Bradford said the company's strategic focus is on mining currently, underpinning his belief that the opportunity in Bitcoin is immediate compared to other technologies, like AI.
He pointed out that Bitcoin mining infrastructure offers a faster payback and quicker energization, with revenues beginning in weeks rather than years.
"The best use of our capital is to get as much [Bitcoin] today as we can," he said and added that by consolidating the mining space and securing efficient power contracts, CleanSpark aims to capitalize on the anticipated market surge.
Despite the uncertainty surrounding the U.S. presidential election, Bradford said that the election's conclusion could remove a layer of market anxiety, allowing Bitcoin to gain strength.
“I think we’ll start seeing a meaningful push in Bitcoin prices post-election through January, which should result in significant margin expansion for well-placed miners with efficient cost structures," he said.
Edited by Stacy Elliott.