Crypto veteran Bobby Lee thinks Bitcoin (BTC) still has a long way to go before reaching a peak this cycle, even after tumbling sharply from its new all-time high above $69,000 earlier this month.
In a new CNBC interview, the former CEO of China’s biggest crypto exchange BTCC says he’s eyeing the next few months for BTC to break out massively to the upside.
“We know that we’re in a super bull cycle for crypto, for Bitcoin. And we really haven’t seen the crescendo yet. We haven’t seen the peak yet. So there’s been a building up of interest all throughout the year. We saw a mini-peak of $65,000 earlier this year in April.
I think there’s a good chance we’ll hit the peak either later this year or maybe early next year. But I think we’re still on for December. We’ll see a rally coming up. And when we do hit the peak, it’s going to go very fast and easily surpass $150,000 to $200,000.”
When asked what might spur Bitcoin to virtually triple in value so quickly, Lee says that the wide-ranging growth across several cryptocurrency sectors remains relatively under-reported. When prices soar to new highs, Lee believes the general public will take notice of the crypto space in a big way.
“The catalyst [for rallies] is usually a lot of good news. There’s a lot of good news that could come out in the form of regulatory stuff or in terms of adoption. There’s a huge crypto market now. Over a hundred million people in the world own Bitcoin, own cryptocurrency. This is not the traditional financial system, so it’s not well reported in the mainstream media.
But the reality is a lot of people in the world are trading it, with the advent of NFTs (non-fungible tokens), DeFi (decentralized finance), decentralized apps (DApps), and decentralized exchanges (DEXs). Crypto has gained momentum over the last few years.
So when we do see a peak, everyone’s going to be talking about crypto. And we just haven’t seen that yet. But I do believe we’re in the early part of this bull market cycle.”
Lee, who founded the Ballet crypto wallet venture in 2019, recently took to Twitter to explain what people should look for to determine if the bull cycle is about to top out.
“You’ll know we are near the top when the whole world is giddy about crypto, when there’s euphoria everywhere, and with so much good news all around, no one believes the bull market will end.
Are we there yet? No. Not even close.”
Bitcoin is exchanging hands at $57,809 at time of writing, having rallied nearly 8% from its weekly low of $53,575 last Thursday.
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