Bitcoin’s worst is over, former Credit Suisse risk head sees $150,000 by 2027

Bitcoin has weathered the worst of its current cycle and is on track to reach $150,000 by late 2027, according to CK Zheng, former global head of valuation risk at Credit Suisse, who points to greater regulatory clarity as the catalyst that could draw institutions off the sidelines.

Speaking to, Zheng, who is now co-founder and CIO of ZX Squared Capital, argued the latest drawdown reflects a maturing asset class rather than the kind of collapse seen previously.

"During the 2022 bear market cycle, the crypto industry faced a widespread of business failures," he said, citing the failures of Terra/Luna, Celsius, Voyager and FTX.

"By comparison, the industry is much healthier during this bear market due to the rapid institutional adoption," he added, noting that the crypto ETF market and corporate treasury companies are attracting more long-term investors than retail hype.

On timing, Zheng said the four-year cycle remains structurally in place and expects a new bull market to begin late this year or early next. "The passing of the CLARITY Act will bring more institutional investors into this new asset class, which will trigger a new bull run," he said.

"Serious institutional investors will need to hedge the dollar debasement risk by in gold and bitcoin," he said, adding that scarcity and adoption should drive prices higher as institutional FOMO takes hold.

Bitcoin’s worst is over, former Credit Suisse risk head sees $150,000 by 2027

"During the 2022 bear market cycle, the crypto industry faced a widespread of business failures," he said, citing the failures of Terra/Luna, Celsius, Voyager and FTX.

On timing, Zheng said the four-year cycle remains structurally in place and expects a new bull market to begin late this year or early next. "The passing of the CLARITY Act will bring more institutional investors into this new asset class, which will trigger a new bull run," he said.

He also tied his $150,000 target to fiscal pressures, expecting U.S. debt to rise at an unprecedented pace in 2027.

"Serious institutional investors will need to hedge the dollar debasement risk by in gold and bitcoin," he said, adding that scarcity and adoption should drive prices higher as institutional FOMO takes hold.