The price of the world’s highest-valued cryptocurrency, bitcoin, could skyrocket as high as $300,000 in the current bull market based on its historical patterns, says Bobby Lee, co-founder and former CEO of crypto exchange BTCC.
He told CNBC that the bubble will burst after peaking and the crypto could see declines for years.
“Bitcoin bull market cycles come every four years and this is a big one,” Lee said, adding: “I think it could really go up to over $100,000 this summer.”
The chief executive of crypto wallet Ballet, Lee explained that two of these “mega bull market cycles” have occurred over the last eight years, with the last one in 2017, when the price of bitcoin surged to nearly $20,000 by the year end from about $1,000 earlier that year.
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Still, a “bitcoin winter” that could last for years may hit the digital currency following its bull run, according to Lee. “It could go down by quite a bit and that’s when the bubble bursts. In the bitcoin crypto industry, we call it ‘bitcoin winter’ and it can last from two to three years,” he said.
The entrepreneur also warned investors to be aware that bitcoin’s value could fall as much as 80% to 90% of its value from the all-time peak. “Bitcoin is very volatile, but the rewards are risk-adjusted, I think,” Lee said.
Bitcoin entered 2021 at around $30,000, reaching multiple record levels since then. It surpassed the $60,000 milestone earlier in March, and was trading at $57,488 on Monday at 08:10 GMT.
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