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While Bitcoin’s price might have retreated to below $60,000, a crypto expert believes that BTC still has the potential to soar to $300,000 this year. The bad news is that a “winter” could follow that could last for years.
After setting a new high above $60,000 this month, Bitcoin's price has retreated and traded at 54,196 at the time of writing based on data from Coinmarketcap. However, Bobby Lee, the co-founder and former CEO of the crypto exchange BTCC, believes that the crypto still has the potential to soar as high as $300,000 based on historical patterns.
Lee first predicted that BTC could soar to $100,000 by summer. “Bitcoin bull market cycles come every four years and this is a big one,” Bobby Lee, who is also the chief executive officer of crypto wallet Ballet, told CNBC’s “Squawk Box Asia” on Monday. “I think it could really go up to over $100,000 this summer.”
But Lee added that’s not yet the end of the bull run. In fact, he predicts that BTC could go as high as $300,000 in the 2021 bull market based on what happened during the 2013 and 217 bull-market years, which saw the crypto’s price increase by 10 or 20 times.
During the 2013 rally, Lee explained that Bitcoin’s soared by 10 or 20 times. “If history plays itself out again, we’ve seen two of these mega bulls market cycles over the past eight years,” he said. “If you recall, at the end of 2013, it really went up 10 times, 20 times that year ending at $1,200.”
In the second market rally, the crypto rose by almost 20 times to end up at around $20,000 by the end of 2017. Based on these two historical patterns, it is possible for BTC, which traded at around $30,000 at the start of 2021, to rise at least 10 times once more.
“And then again we saw the big cycle in 2017, and [BTC] was trading early in the year at just a thousand dollars and then went to 20,000 by year-end,” Lee added. “So this year, Bitcoin entered 2021 at $30,000, even if just a ten times value from that would be $300,000 dollars.”
However, Lee also warned investors of the Bitcoin winter that would follow after the rally. He said that its price could drop 90 percent from its all-time high and stay there for a couple of years.
“It could go down by 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 last from two to three years.”
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