The Co-founder of BTCC, which is a Hong Kong-based Cryptocurrency exchange and a board member of BTCFoundation, Bobby Lee has a unique take on his Bitcoin prediction.
As seen in the Tweet below, he states that Bitcoin would fall to $2,500 by January 2019. The next bull rally would occur in Late 2020, and a peak would again happen by December 2021 at $333,000. The following fall would bring the price of Bitcoin to $41,000 in January 2023.
Bobby Lee Tweeted:
Are you scratching your head already? His predictions are based on calculations looking at past prices of Bitcoin. Historically in December 2013 Bitcoin hit an all-time high of about $1200 for 13 months before falling to $150 in January of 2015. The fall was 87.5%.
Right after bottoming out BTC boomed to $20,000 in December 2017. Taking into consideration an 87.5% fall, Bitcoin would be at $2,500.
The founder of Anon, who’s twitter handle ‘The Crypto King’ may make you wonder if it’s Pitbull had made an interesting point replying to Lee’s tweet. He stated how during the halving the cycle of Bitcoin tends to face the same trend.
It looks like the saying ‘history repeats itself’ may most likely prove to be true.
December 2017 was one of the best bull runs Cryptocurrency faced, and investors were gearing up for a repeat this December 2018. However, Bitcoin Cash’s hard fork which led to a hash war melted the overall Cryptocurrency market sentiment.
Historical evidence may prove to be helpful. However, such technical factors like hard forks and technological advancements need to be taken into consideration.
Did you like the news you just read? Please leave a feedback to help us serve you better