CK Zheng, who previously served as global head of valuation risk at Credit Suisse and is now co-founder and chief investment officer of ZX Squared Capital, told Investing.com he believes Bitcoin has already passed the worst phase of its present cycle and is positioned to reach $150,000 by late 2027.
Zheng framed the recent drawdown not as evidence of systemic collapse but as a sign of a maturing market. He contrasted the current environment with the 2022 bear market, when a series of business failures - including Terra/Luna, Celsius, Voyager and FTX - marked a period of widespread industry distress. By contrast, Zheng said, the crypto industry now appears healthier amid what he described as rapid institutional adoption.
He highlighted the growth of the crypto exchange-traded fund (ETF) market and the participation of corporate treasury teams as examples of avenues attracting more long-term, institutional capital rather than retail-driven speculation. According to Zheng, those changes have altered the character of this bear market relative to prior cycles.
On the question of timing, Zheng told Investing.com that the four-year cycle that has characterized past Bitcoin dynamics remains structurally intact. He expects a new bull market to commence in late 2024 or early 2025, and he singled out pending regulatory clarity as a catalyst for bringing institutions off the sidelines.
"The passing of the CLARITY Act will bring more institutional investors into this new asset class, which will trigger a new bull run," Zheng said.
Looking further ahead, Zheng linked his $150,000 price target to anticipated fiscal pressures. He said he expects U.S. debt to rise at an unprecedented pace in 2027, and that serious institutional investors will seek protection from dollar debasement by allocating to scarce assets such as gold and Bitcoin. He argued that growing scarcity and adoption combined with institutional fear of missing out could push prices higher.
Market context cited in the interview notes Bitcoin currently trades around $78,535. Zheng's comments emphasize regulatory clarity, institutional participation via ETFs and corporate treasury activity, and macro fiscal pressures as the primary factors underpinning his outlook.
Reporter: Priya Menon