According to Bobby Lee, co-founder and former CEO of crypto exchange BTCC, Bitcoin could rise to $ 300,000 in the current bull market.
However, he warned that the bubble would burst after reaching a peak, and that the crypto-currency could decline for years.
“Bitcoin bull market cycles come every four years and it’s a big one,” said Lee, who is currently CEO of the crypto-wallet Ballet. “I think it could really rise to more than $ 100,000 this summer.”
Two of these “mega-bull market cycles” have taken place over the past eight years, he told CNBC’s “Squawk Box Asia” on Monday, pointing out that the last one was in 2017, when the price of bitcoin rose to nearly $ 20,000 by the year has risen. ends from about $ 1,000 earlier that year.
It can drop quite a bit and that is when the bubble bursts. In the bitcoin crypto industry we call it ‘bitcoin winter’ and it can last from two to three years.
Bobby Lee
founder and CEO, Ballet
With bitcoin entering about $ 20,000 in 2021, Lee said “even just a 10x value of it” would bring the price of the cryptocurrency to $ 300,000. He explained that he was not sure if history would repeat itself.
Bitcoin has had a striking 2021 so far, with the cryptocurrency surpassing several record levels this year, surpassing the $ 60,000 mark earlier in March. According to data from Coin Metrics, it last traded at $ 57,660.24.
Lee, warns of a ‘bitcoin winter’ that could last for years, perhaps the crypto-currency.
“It can drop quite a bit and that’s when the bubble bursts,” he said. “In the bitcoin crypto industry, we call it ‘bitcoin winter’ and it can take from two to three years.”
Investors should note that bitcoin’s value could drop to 80% to 90% of its value from the everyday peak, the trader said.
“Bitcoin is very volatile, but I think the benefits are risk-adjusted,” Lee said.