- Bobby Lee, the co-founder of BTCC, stated that 2021 reflects a space of bull market for bitcoin
- He predicted that the bitcoin price is likely to rise as high as $300,000 in the current bull-market rally
- Bobby explained that bull-market cycles are a regular part of the crypto network
Cryptocurrency exchange BTCC’s founder recently stated that the bitcoin price is likely to rise as high as $300,000 in the current bull-market rally. However, he also added that the value would also witness a historic plunge of 90% into a “winter” lasting years.
BTCC founder’s interview about the future of Bitcoin
Bobby Lee is the co-founder of BTCC, one of the oldest cryptocurrency trading platforms. On Monday, he interviewed at CNBC’s platform of “Squawk Box Asia”. He stated that 2021 reflects a space of bull markets for bitcoin, of the kind that comes around in three to four years.
Bobby, who manages the crypto wallet application Ballet, highlighted that the previous bull-market years for Bitcoin were 2013 and 2017. During these years, the bitcoin price witnessed a significant surge by 10 or 20 folds.
Bobby further added that bitcoin’s value is likely to hit $100,000 by the summer. Besides, it can potentially strike worth $300,000 by the end of this year. However, he emphasized that it will be like history playing itself out again if this happens.
The complexities of bull-market cycles
However, Bobby explained that bull-market cycles are a regular part of the crypto network. They come and go. Once a bull-market hits its inevitable peak, it can fall by quite a bit, and that is when the imaginary bubble bursts.
Bobby predicted that bitcoin would probably enter a winter space where the value will stay low for two or three years. So once it reaches the peak, be it with the value of $200,000, $100,000, or $300,000, people should be conscious of the idea that it could plunge as much as 80% to 90% of its worth from the record high.
The bitcoin price surged with double its previous worth within this year, to around $58,100 on Monday. The worth, however, was down from a peak of around $62,000 a week ago. The value is up by almost 800% from last March when it witnessed a collapse as the coronavirus outbreak began to hamper the global economy.
Experts suggest that the world’s biggest crypto asset in terms of market value will continue its historic run as institutional traders increase their participation consistently. They also insist that Bitcoin holds the right potential to act as a hedging instrument against inflation. Critics argue that bitcoin’s enormous volatility implies its institutional adoption will remain limited. Many predict that it exists in a bubble managed by massive amounts of stimulus and is ready for a price crash similar to post 2017 when bitcoin fell below $4,000 from around $20,000 in just one year.
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