Chinese crypto billionaire Zhao Dong says he believes the bear market will end next year. According to the Chinese outlet 8BTC, Dong told his WeChat following that the most promising projects will emerge in the long run.
“More crypto projects and companies will die this year, but meanwhile the next wave of more promising ones will emerge from ashes, making 2019 both the best time and the worst time for investors and entrepreneurs. 2019 will see good projects are cheaper to invest in and entrepreneurs will benefit from less competition. The only thing you need is patience.
“In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact it is not. Now is when I start talking people into buying Bitcoin.”
Dong is one of China’s biggest over-the-counter traders. Late last year, he predicted the price of Bitcoin will reach at least $50,000 by the end of 2021.
Right now, the market is mostly red, with Bitcoin, XRP and Ethereum all down 1.7%, according to the price tracker Coin360.
Overall, today’s technical analysis is positive, with CoinDesk in particular eyeing a short-term rally that could bring Bitcoin above $4,000.
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