With bitcoin’s recent surge to a five-month high, Zhao Dong, a bitcoin billionaire and one of China’s biggest over-the-counter (OTC) traders, recently claimed on Weibo that the sudden jump in bitcoin price does not mark the end of the bear market and that the original cryptocurrency will continue trading in a range likely between $4,000 and $6,000 for a few more months.
Bitcoin, the largest cryptocurrency by market capitalization, soared 20 percent to break $5,000 for the first time since November on April 2, 2019. The rise also marked its best one-day gain since April 2018. Bitcoin is trading at $5,252 as of press time, up 1.77 percent over the past 24 hours, according to data from CoinMarketCap.
However, on April 2, Zhao emphasized on Weibo that despite the abrupt surge of BTC, the bull market is not here yet and he hinted that the next bitcoin bull run will not start until crypto speculators’ patience is worn out in the bear market and the crypto hype is gone.
In another Weibo post which was released on April 5, Zhao…