The founder of BTCC, the longest-running crypto exchange, Bobby Lee said Bitcoin price could rise up to $300,000 in this bull market rally, and plunge 90% into a “winter” lasting years.
In an interview at CNBC, for “Squawk Box Asia”, Lee speaks of the future of Bitcoin, he believes 2021 is the time for a huge bull market, just like the ones that come around in three to four years.
Historically speaking, in the last such bull market in 2013 and 2017, bitcoin had skyrocketed 10 to 20 folds more. Going by the trend analysis, he says this time Bitcoin value will hit $100000 by the summer and has the further potential to uptrend to $300000 by the end of 2021.
Bitcoin Into a Winter Space
Lee further mentions, bull market cycles are an inevitable part of the crypto cycle, as they come and go but ” after a bull market peak inevitably it could go down by quite a bit, and that’s when the bubble bursts”.
He predicts for Bitcoin to enter a winter space, where the value could remain low for two to three years. Hence as appealing as it sounds for Bitcoin to shoot up to ATH’s of $100000 or $300000, it is undeniable that it will be followed by a major plunge of 80 to 90%.
However, Bitcoin in the last year has seen impeccable growth of 800% from last March, and it almost reached the $60000 Mark last month.
There has been a hot debate between Bitcoin proponents and critics, as some analysts believe BTC will continue having a great bull run further, as it has gathered some institutional and traditional investors’ support in the last few months. But, the critics say, that the volatility of BTC price will harm its long-run growth and limit the institutional support.