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Bitcoin could reach $ 300,000 in the current bull market depending on its historical patterns, according to Bobby Lee, co-founder and former CEO of the BTCC crypto exchange.
However, he warned that the bubble would burst after peaking and the cryptocurrency could experience declines for years.
“Bitcoin bull market cycles occur every four years and that’s a big deal,” said Lee, who is currently the CEO of crypto wallet Ballet. “I think it could really go up to over $ 100,000 this summer.”
Two of these “mega bull market cycles” have occurred in the past eight years, he told CNBC’s “Squawk Box Asia” on Monday, noting that the last was in 2017, when the price of bitcoin went up. jumped to nearly $ 20,000 a year. end with about $ 1,000 earlier that year.
It could decrease a bit and that’s where the bubble bursts. In the Bitcoin crypto industry, we call it “ Bitcoin Winter ” and it can last anywhere from two to three years.
Bobby lee
founder and CEO, Ballet
With bitcoin coming in 2021 at around $ 30,000, Lee said that “even a value of just 10x” would bring the price of the cryptocurrency to $ 300,000. He said he was not sure history would repeat itself.
Bitcoin has seen a 2021 blockbuster so far, with the cryptocurrency breaking several records this year and surpassing the $ 60,000 mark earlier in March. It last traded at $ 57,660.24, according to data from Coin Metrics.
Still, a “bitcoin winter” that could last for years could hit the cryptocurrency following its bull run, Lee warns.
“It could shrink a bit and that’s where the bubble bursts,” 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 could drop as much as 80% to 90% of its value from the all-time high, the entrepreneur said.
“Bitcoin is very volatile, but the rewards are adjusted for risk, I think,” Lee said.
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