According to Bobby Lee, co-founder and former CEO of crypto exchange BTCC, Bitcoin could reach a high of $ 300,000 in the current bull market based on its historical historical pattern.
However, he warned that the bubble would burst after picking and cryptocurrency would see a decline over the years.
“The cycle of the bitcoin bull market comes every four years and this is a big one,” said Li, currently chief executive of Crypto and Let Ballet. “I think it could actually be over 100 100,000 this summer.”
Two of these have become “mega bull market cycles” over the past eight years, he told CNBC’s “Squawk AsiaX Asia” on Monday. It ended at about $ 1,000 earlier this year.
It may come down a little and at the same time the bubble bursts. In the Bitcoin crypto industry, we call it ‘Bitcoin Winter’ and it can last for two to three years.
Bobby Lee
Founder and CEO, Ballet
With Bitcoin entering Bitcoin around 20,000 in 2021, Lee said “only 10x of that value” would bring the value of the cryptocurrency to 300,000. He clarified that he was not sure whether history would repeat itself.
Bitcoin has a blockbuster 2021 so far, the cryptocurrency has broken multiple record levels this year, and crossed the 60,000 mark in early March. It finally traded at 57,660.24, according to data from Coin Matrix.
Still, the “bitcoin winter” that could last for years will hit the crypto currency in the wake of a bullish move, Lee warned.
“It can come down a bit and burst the bubble at the same time,” he said. “In the Bitcoin crypto industry, we call it ‘Bitcoin Winter’ and it can last for two to three years.”
Investors should be aware that the value of Bitcoin can drop by as much as 80% to 90% of its total value, the businessman said.
“Bitcoin is very volatile, but the rewards are risk-adjusted, I think.”
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