Bobby Lee seems to be very bullish about Bitcoin’s future. However, the market has been in a bear trend since the beginning of the year and it can reach a new bottom in the near future. Bobby Lee is the co-founder of BTC China, creator of BTCC Mobi and a recognized person in the cryptocurrency community.
He has always been very positive about Bitcoin and virtual currencies and now he has made a very bullish prediction for the future of the virtual currency.
On Twitter, Bobby Lee talked about the future of the space and has invited the community to answer a few questions about Bitcoin. He compared the current market crash with the downtrend that Bitcoin experienced back in 2013. At that time Bitcoin reached an all-time high of $1,200 and plummetted for the next 13 months over 87% and bottomed close to $150.
At the same time, Bitcoin reached an all-time high in December 2017 of $20,000 and now it has plummetted around 80%. 13 months later would be January 2019 and the Bottom would be close to $2,500.
He provided four different options for Twitter users to answer. He asked whether Bitcoin will bottom in 2019 or not and if it will reach $2,500 or not. 40% answered that it will go below $2,500. 27% said that it will reach $2,500 in January 2019. 20% selected the option that Bitcoin will bottom in January but it will not bottom around $2,500. The last answer was that Bitcoin will reach $2,500 but not in January 2019, having 13% of the votes.
Although the virtual currency market is unpredictable and very volatile, Lee assumed that the same conditions are going to be applied to Bitcoin this year and the coming ones. In another tweet, Bobby Lee said that the next rally would start in late 2020 and peak out in December 2021 at $333,000, crashing after it back down to $41,000 in 2023.
He then wrote that if the next Bitcoin rally in 2021 reaches $333,000, Bitcoin would have the same market capitalization as gold, close to $7 trillion dollars.
One more coincidence: If the next #bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!#BitcoinGoldFlippening https://t.co/LNDayQIW2z
— Bobby Lee (@bobbyclee) December 8, 2018
There were several users that answered Lee that the market would react in a different way since Bitcoin is not the same as it was back in 2013. Now there are Bitcoin futures and soon institutions will start entering the market and placing their funds in the space.
According to CoinMarketCap, Bitcoin is currently being traded close to $3,410 and it has a market capitalization of $59.39. If it wants to achieve $333,000 it will have a lot of work to do in the coming months and years.