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Bitcoin could soar as high as $300,000 in the current bull market based on its historical patterns, according to Bobby Lee, co-founder and former CEO of crypto exchange BTCC.
However, he warned that the bubble will burst after peaking and the cryptocurrency could see declines for years.
“Bitcoin bull market cycles come every four years and this is a big one,” said Lee, who is currently the chief executive 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 over the last 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 surged to nearly $20,000 by the year end from about $1,000 earlier that year.
“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.”
With bitcoin entering 2021 at around $30,000, Lee said “even just a 10x value from that” would bring the price of the cryptocurrency to $300,000. He clarified that he was not sure if history would repeat itself.
Bitcoin has had a blockbuster 2021 so far, with the cryptocurrency breaking multiple record levels 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 may hit the crypto currency following its bull run, warns Lee.
“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.”
Investors should be aware that bitcoin’s value could fall as much as 80% to 90% of its value from the all-time peak, the entrepreneur said.
“Bitcoin is very volatile, but the rewards are risk-adjusted, I think,” Lee said.
In other trending Bitcoin News today:
Bitcoin Searches In Turkey Spike 566% After Turkish Lira Drops 17%
Google searches for Bitcoin (BTC) emanating from Turkey exploded in the past 24 hours, after the value of the Turkish lira dropped 17% following the firing of a central bank governor.
According to data from Google Trends, the number of searches for Bitcoin spiked 566% in the hours immediately following news of the lira’s demise.
The lira’s value dropped 17% in a flash dip after Turkey’s President Erdogan fired the governor of the country’s central bank. Former governor Naci Agbal had been credited with pulling the lira out of historic lows, partly by raising interest rates to fight inflation. His abrupt removal was said to have shocked domestic and foreign investors, reports BBC News.
The Turkish lira regained a fifth of its value against the U.S. dollar since the beginning of 2021 alone. The recent 14% plunge was triggered by concerns that the progress made by Naci Agbal could be undone by the appointment of the new governor, Şahap Kavcıoğlu, a banker and politician who is said to oppose the use of high interest rates to fight inflation.
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