Bitget CEO who predicted $200K Bitcoin says it’s a ‘good time to buy’

Core Insights - The recent decline in Bitcoin's price is attributed to a structural liquidity shock rather than deteriorating fundamentals, according to Bitget CEO Gracy Chen [1] - Despite the price slump, the macroeconomic environment for crypto remains positive, with decreasing interest rates and a supportive U.S. administration [2] Market Impact - Bitcoin reached a record high of $126,080 on October 6, but a crash on October 10 resulted in a loss of over $19 billion from the market, with Bitcoin currently trading above $69,000 [3] - The October 10 event marked a significant liquidity event that led to a sharp contraction in trading activity, with exchange trading volumes dropping by 20%-40% across cryptocurrencies within a week [4] Industry Developments - Bitget is adapting to market volatility by expanding its product offerings beyond simple buy-and-hold strategies, focusing on "universal asset coverage" to allow users to diversify into other asset classes [5] - Key priorities for Bitget include maintaining high liquidity, 24/7 trading, and enhancing user experience [6] Company Perspective - Despite challenging conditions in the industry, Chen identifies as a "Bitcoin maxi" and maintains confidence in Bitcoin's future [7]