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2021 is a special year for bitcoin, and its price could top $100,000 as soon as this summer, said the founder and CEO of Ballet – Bobby Lee. He went even further by projecting a $300,000 price per token by the end of the year but also warned about the potential bear market following every peak.
$100K or $300K for BTC in 2021?
By gaining roughly $50,000 in several months, it’s safe to assume that bitcoin is indeed in a bull market. While the community is certain about that fact, though, they dabble with the precise start date of that cycle.
According to Bobby Lee, the founder and former CEO of the crypto exchange BTCC, the primary cryptocurrency started its latest and most significant run-up at the start of 2021 when it traded just shy of $30,000.
Despite more than doubling in value since then and painting a new ATH last week at $61,800, bitcoin could be primed for another leg up that can take it to a six-digit price territory by this summer.
“Bitcoin bull market cycles come every four years, and this is a big one. I think it could really go up to over $100,000 this summer.”
Furthermore, Lee projected an even more bullish end-of-the-year price tag for BTC. He believes that the cryptocurrency could do a 10x surge from its early 2021 price and could top $300,000 if history is to repeat itself.
Although reaching such a high price tag seems quite optimistic, to say the least, it’s worth noting that some indicators and other similar predictions are also suggesting such an outcome. Apart from Max Keiser indicating so earlier this year, the creator of the stock-to-flow model and the Long-Term Holder MVRV metric hinted that BTC could go as high as $288,000 in the next nine months.
Beware: Crypto Winter Could Follow
Despite sounding quite bullish on BTC’s price trajectory, Lee also highlighted the risks of the so-called crypto winters that follow the price peaks.
“It could go down by quite a bit, and that’s when the bubble bursts. In the bitcoin crypto industry, we call it ‘bitcoin winter,’ and it can last from two to three years.”
Subsequently to the parabolic price increase in 2017 when BTC touched $20,000 for its then-record, the cryptocurrency, and the rest of the field, entered a year-long bear market. Bitcoin dropped by more than 80% to beneath $4,000.
Featured Image Courtesy of BusinessInsider