Crypto veteran Bobby Lee says Bitcoin’s recent 50% collapse from all-time highs does not mirror market tops of the past.
In a new interview with Luke Martin of Venture Coinist, Lee, who accurately called for a 50% drop in BTC once it approached the $70,000 level, is discussing when we can expect Bitcoin to catch fire and blast through the six-figure mark.
“I think we’re going to hit it either in the late summer or the fall of this year to get past $100,00, and then it’s going to zoom up really fast.”
If Bitcoin were to follow Lee’s path, the flagship cryptocurrency would need to appreciate by over 200% from current prices within the next 3-5 months.
According to Lee, once BTC manages to multiply itself in the span of one to three days, we can start talking about a market top. Thus far, Lee does not believe the Bitcoin price has increased at a fast enough rate to signal a peak for this cycle.
“And I’ll give another prediction. When we hit the bull market, how do you know it’s an all-time high? How do you know it’s really peaked out?… If the price doubles within a day or two days – somewhere around one and three days – if the price doubles, that’s when it runs out of steam and that’s going to be the all-time high of this market cycle. The important thing is, people always ask ‘How do you know when we hit the all-time peak?’ The peak doesn’t happen based on FUD and bad news.”
The founder of crypto exchange BTCC says that the top of the bull run will coincide with maximum euphoria and parabolic price action, contrary to the rounded top and negative news cycle that preceded the collapse.
“When there’s calls for regulatory crackdown, that’s usually the panic sell. That’s never the end of the peak. However, the true end of the peak is usually from not enough steam. It’s when the price goes up too fast and it just can’t sustain it anymore, so that happens when the price doubles or increases 50% to 100% in one to three days I’d say.”
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