Bitget CEO Gracy Chen is not convinced that Bitcoin’s recent rally to $79,000 means the bear market is over.

Chen says she is keeping a significant portion of her portfolio in stablecoins and is watching for a decline of more than $25,000 from current levels as a potential opportunity to buy Bitcoin again. “I would say $50K is the number that I’m looking at for my personal Bitcoin buyback sort of price,” Chen told the Trade Secrets show.

Even so, Chen says she does not have any special insight into where Bitcoin’s notoriously volatile price is headed. She also said it is possible Bitcoin could finish the year $20,000 higher.

“I’m just an exchange CEO,” Chen said with a laugh. “We are not good at analyzing Bitcoin price. We’re just good at providing a trading platform for all the analysts and traders to trade,” she added.

Gracy Chen is not expecting Bitcoin to rise in a straight line. (CoinMarketCap)

Chen’s comments land as Bitcoin has continued to draw sharp calls in both directions from market participants, underscoring how quickly sentiment can shift even after a strong weekly move. She is far from alone in expecting Bitcoin could move lower, even after the asset rose more than 20% in the past week.

Transform Ventures founder Michael Terpin told Trade Secrets in early August that “we still have more pain to go.” Terpin said he believes Bitcoin will ultimately fall 66% from its October 2025 all-time high of $126,100. “I think that brings us down into the 40s, and I think that’s about where we’re gonna go,” Terpin said.

Before this week’s rally, veteran trader Peter Brandt also said he expected Bitcoin’s price to bottom on Oct. 4.

Chen did not offer a firm timeline for a move to $50,000, saying only that she believes such a drop is likely.

“I wouldn’t say whatever I predicted is that meaningful, but again it’s just my personal sort of thought around now. I don’t have a particular date or month in mind for when I think Bitcoin could hit $50,000. Later this year might be a good estimate, or maybe next year,” she said.

Who is Gracy Chen?

Chen studied Applied Mathematics at the National University of Singapore before earning an MBA from MIT Sloan School of Management.

Her career did not begin in business. In 2014, she joined Phoenix TV as a host and producer, where she attended financial events and interviewed technology and business leaders. Those experiences later helped shape her move into entrepreneurship.

Chen later founded two companies. The first, Accumulous, provided platform-as-a-service solutions for businesses in China, including labor subcontracting and income settlement. In 2017, she launched ReigVR.

She became interested in crypto after meeting billionaire Bitcoin investor Tim Draper and his crypto team. That led her into crypto marketing roles before she became managing director of Bitget in 2022 and then CEO in 2024.

Chen says she prefers Bitcoin over altcoins

Although she runs a crypto exchange with many different tokens, Chen says she is not especially interested in altcoins.

“Most of my portfolio is in either Bitcoin or the S&P 500. I don’t trade that much because of my busy schedule running a large exchange,” Chen said.

She estimated that less than 1% of her portfolio is in Ethereum and Solana.

There is one altcoin she does like: Hyperliquid.

“I do like Hyperliquid, and I think HYPE also went up a lot… because of the more crypto-friendly policy towards them. So that’s probably one coin that I’m bullish on right now, especially if CFTC really finds a way to let Hyperliquid enter the US market properly,” Chen said.

President Trump this week indicated that CFTC chair Mike Selig was working on allowing Hyperliquid to officially trade in regulated US markets.

Chen also said she strongly dislikes memecoins and does not expect another memecoin season like those seen in previous market cycles, saying too many investors have already been burned. “Retails are not stupid,” Chen said.

Chen does not think Bitcoin will reach $1 million by 2030

Chen also doubts Bitcoin will reach $1 million by 2030, a question that has become a recurring topic on Trade Secrets. Markus Thielen recently told the show that the target appears unlikely, despite bullish forecasts from Brian Armstrong and Cathie Wood.

Chen pointed to Bitcoin’s diminishing returns across its four-year cycles as a key reason.

“The reason being if you look at the past four-year Bitcoin cycles, the ratio of the all-time high in that cycle to the all-time low in that cycle keeps decreasing,” she said.