- Bobby Lee expects Bitcoin to hit $250,000 by the end of this year
- He sees a bull cycle happen every three to four years, with the next one huitting $500,000
- China’s relevance to Bitcoin is waning and will eventually disappear
BELGIUM (CoinChapter.com) — There have been various ups and downs regarding the Bitcoin price over the years. Some people, such as Bobby Lee, see this as a bull and bear cycle pattern. However, according to Lee, Bitcoin will hit $250.000 later this year, despite the crackdown by China on cryptocurrency mining.
Bobby Lee Remains Bullish On Bitcoin
This year’s Bitcoin price performance has been all over the place.
There’s been bullish and bearish momentum, yet a future price direction remains difficult to determine. Every time the market seems to decisively head in either direction, a temporary reversal happens, and the guessing game begins anew. People cannot underestimate the volatile nature of this currency.
All of this volatility is, according to Bobby Lee, part of much bigger cycles and patterns. He still predicts a BTC price of $250,000 by the end of 2021, which would be a monumental feat. However, he also warns of a new bear cycle kicking off next year m resulting in a 50%-80% price retracement.
Such values may seem high but are not necessarily outlandish where cryptocurrencies are concerned.
Bobby Lee continues by stating how Bitcoin may have a bull cycle every three or four years.
When the market is not bullish, it will go through spells of bearish and sideways momentum, resulting in significant fluctuations. Eventually, Lee argues, surpassing $1 million will be a matter of time. The next cycle may already see BTC exceed $500,000 and can occur as early as 2024.
While many Bitcoin enthusiasts will agree with this outlook, keeping tabs on the bigger picture remains crucial.
There are a lot of regulatory decisions to keep tabs on. China’s recent crackdown on crypto mining, for example, sent a shockwave through the industry. Bobby Lee agrees this is the last ample measure they can implement before banning cryptocurrency in the country. Whether that is a wise or viable decision is a different matter.
China’s Importance is Waning
Although the decision regarding Bitcoin mining in China had global consequences, the industry is recovering quickly.
Mining activity is picking up again in all other countries, and the Bitcoin price shows signs of an ongoing recovery process. It shows that China’s decision made a temporary impact – and a severe one – but it is all virtually irrelevant in the long run.
Bobby Lee agrees, to a certain degree, that China’s relevance is waning.
Even though the Chinese market has been vital for Bitcoin, it will be far less critical in the months and years to come. He expects all remaining exchanges to be phased out sooner or later, putting an end to all crypto trading. So cryptocurrency doesn’t need China – or any other country specifically – to become successful.
The bigger question is how other countries will handle the hot potato that is Bitcoin.
China is making its position clear, yet other countries are not automatically following suit. Moreover, service providers keep filing for Bitcoin ETFs, indicating crypto will not go away all of a sudden. Thus, the industry is at a crossroads of sorts and can lead to very different destinations.