Bitcoin could surge as high as $300,000 by the end of the year, according to the founder of crypto startup Ballet, Boby Lee. We are currently in a mega Bitcoin bull market, as per him. With the cryptocurrency starting 2021 at $30,000, Bitcoin could hit $100,000 by this summer itself. Lee did warn on the potential bear market that could last for years following every peak.
Bitcoin Could Hit $300,000 By the End of 2021
Appearing on CNBC’s Squawk Box Asia, the former CEO of China-based cryptocurrency exchange BTCC, Boby Lee pointed out that Bitcoin bull market cycles come every four years, adding the current bull market is a big one.
Amid the bull-run, the cryptocurrency could even touch $100,000 this summer itself, saying:
“No one saw it coming, but last year Bitcoin was trading at barely $10,000, with the bull market, it could go up to over $100,000 this summer.”
Two of these mega bull market cycles have occurred over the last eight years, pointing out that the last one occurred in 2017 when the price of the cryptocurrency surged to nearly $20,000 by the year-end from about $1,000 in the same year.
In the same way, the cryptocurrency entered 2021 at $30,000, and hence, its price hitting ten times i.e. at $300,000 is a possibility if history repeats itself.
Boby Lee Warns of Bitcoin Winter
Lee also warned that Bitcoin is very volatile and can lose up to 80% to 90% of its value after an all-time peak, saying:
“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.”
In 2021, Bitcoin had a positive price performance with the cryptocurrency breaking multiple new all-time highs. Just this month, the cryptocurrency broke a new ATH at $60,000. The cryptocurrency is currently trading at $57,912, according to CoinMarketCap.