Bitcoin reached a record price at the beginning of the month, reaching $60.000, while today it is moving in the value of $57.000.
The value of Bitcoin could reach up to $300.000 and it is estimated that it will reach $100.000 this summer, said today the co-founder and former CEO of BTCC for cryptocurrency transactions based in China, Bobby Lee. Nevertheless, he warned that after a possible sharp rise there will be a fall.
“I do not know if history will repeat itself, but what we do know is that market cycles return every four years, I really think it could reach $100.000 this summer,” Lee told CNBC.
According to Lee, two of these “market cycles” have already taken place in the last eight years, the last one coming in 2017, when Bitcoin cost about $1.000 to reach $20.000 after a few months. However, the cryptocurrency trader warns that “market cycles are coming and going”, adding that “after a peak, the bubble will inevitably burst”.
“So once it reaches $200.000 or even $300.000, investors should know that it could then lose up to 80% of its value,” Lee said, noting that its depreciated value could be maintained for years.
It is worth noting that Bitcoin has soared in price by an increase of 700% compared to January 2020 when it cost just $7.000.
Today, Bitcoin is the largest digital currency in terms of market capitalisation and now accounts for about 70.5% of the total global cryptocurrency market.
