Jiang Zhuoer, the well-known Bitcoin mining entrepreneur of the Far East and the boss of BTC.TOP, shared his expectations for the future of the crypto industry on his Twitter account. The entrepreneur expects a rise in the market in the first months of 2023, but this time the scenario may be different from previous cycles.
Jiang Zhuoer considers two scenarios for the next bullish market. In his analysis, he compares the price movements in 2014-2018 with today’s.
The mining entrepreneur stated that similar market cycles have occurred in the past within the framework of the timing of the halving, which takes place every four years on the BTC network. According to Zhuoer, cryptocurrencies are currently trading in the sideways part of the bear market. The crypto expert does not foresee a sharp decline, even if bad news comes after this time.
“I think bad news like DCG’s bankruptcy is already priced in the market. Even if that happens, we wouldn’t see a big drop.”
Jiang Zhuoer welcomes the possibility that the uptrend will begin in the first months of the year. However, according to Zhuoer, this time the cryptocurrency leading the rally will be ETH, not BTC.
“After the Merge update, Ethereum’s inflation problem almost disappeared. While Bitcoin’s inflation was 1.7% before Merge, this figure was exactly 2 times higher than its biggest competitor. However, after the transition to the PoS system, Ethereum’s inflation decreased to almost zero.”