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‘Bitcoin winter’ could last for years after the price reaches $ 300,000: BTCC Exchange Founder
Despite predicting that the price of Bitcoin will rise to $ 300,000 in the current bull market, Bobby Lee, founder of the BTCC exchange, believes that the crypto markets may spend years in decline after the market reaches its peak. What happened: “Bitcoin market boom cycles happen every four years and this is a big problem,” said Lee, who co-founded the UK-based BTCC cryptocurrency exchange, in an interview with CNBC earlier today. According to him, the market-leading cryptocurrency is expected to reach $ 100,000 this summer and may even reach $ 300,000 if historical cycles are repeated. However, Lee is not so optimistic about the price of Bitcoin over a longer time horizon and stated: “It may fall a little bit and that is when the bubble bursts. In the bitcoin crypto industry, we call it a ‘bitcoin winter’ and can last for two to three years. ”Why it matters: Bitcoin was trading at $ 57,500 at the time of writing and reached $ 61,000 earlier this month. Lee’s predictions of a cryptographic winter involve a 90% drop in the value of any maximum value the currency reaches. Some analysts have already predicted that the current bull market may be approaching its peak, raising concerns for investors who have yet to make a profit. We are close to the peak; -investors imitating any sale without research.- each sale making 50X more- large cap tokens ($ 500 million) earning 50% overnight. – everyone earning money.- everyone believes that this will last a few more months. The crash will happen when we least expect it. – Ran Neuner (non-fungible) (@cryptomanran) March 21, 2021 “The crash will come when we least expect it,” said Ran Neuner, CEO of the blockchain investment fund Onchain Capital. Not all investors share this hypothesis, however, as seen by Dan Held’s most recent predictions for the Bitcoin price. Held, who is the growth leader on the Kraken cryptocurrency exchange, said he believes the current market cycle is different from previous ones. “People are no longer in it just for a speculative race. People are buying because they see the value of Bitcoin, ”he explained, suggesting that the digital asset could reach $ 1 million by the end of that cycle. See more from BenzingaClick here for Benzinga options tradingCrypto Exchange Coinbase postpones IPO to AprilBank Of America calls Bitcoin ‘Impractical’, and Crypto Community has a lot to say about it © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.