The Strategist

Bobby Lee of BTCC forecasts Bitcoin to rise to $300 000 in 2021

03/23/2021 - 02:54

Bitcoin could reach $300,000 as early as 2021, according to Bobby Lee, founder of cryptocurrency exchange BTCC. However, after a sharp rise, the cryptocurrency will decline for several years, causing its value to drop by 80-90%, he added.

The value of bitcoin could rise to $300,000, after which it would go down, BTCC co-founder and former cryptocurrency exchange CEO Bobby Lee forecasted in an interview with CNBC. He explained that he was drawing such conclusions based on an analysis of the cryptocurrency's value dynamics.

According to him, bitcoin could cross the $100,000 bar as early as the summer, and could rise to $300,000 by the end of the year "if history plays out again". However, once the growth phase is over, there will be a "winter", the bubble will burst and the cryptocurrency price will be declining for years to come, Lee added. 

"Bitcoin bull market cycles occur every four years and the current cycle is a big one," the BTCC founder said, adding that after a major rise, bitcoin's value could fall 80-90% from its all-time high.

Over the past year, bitcoin has risen by almost 600%. The currency hit an all-time high several times in 2021: in mid-March, bitcoin surpassed $60,000 for the first time ever, while the cryptocurrency's capitalisation exceeded $1 trillion, according to CoinMarketCap.