Bitcoin veteran Bobby Lee’s addresses failed $100,000 price prediction

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Alex Dovbnya

Industry veteran Bobby Lee thinks the next bull market will be in 2025

During a recent interview with CNBC, industry veteran Bobby Lee said he doesn’t call himself a bitcoin know-it-all when pressed on his failed prediction of 100. $000.

“Unfortunately, after peaking at $69,000, the bull market was over, and we are now in the depths of a crypto bear market. It’s unfortunate, but those are the cycles,” he said. declared.

Last October, Lee predicted that there would be a substantial rally driven by fear of missing out (FOMO), which would push Bitcoin above the $100,000 mark by the end of the year. This would lead to more media attention, which in turn could trigger another push propelled by investors who had yet to jump into crypto, he predicted.

Lee had made similar remarks towards the end of 2019 while celebrating the launch of his new Ballet cryptocurrency wallet. At the time, he said a price of $100,000 was achievable during another bull market.

The crypto bear market shows no signs of slowing down after FTX collapsed last month, Lee claims. Sentiment in the cryptocurrency market has shifted to caution due to a lack of regulation(s) that are not robust enough to protect against fraud and scams.

Bobby predicts that this bear market will persist until early 2025 before the crypto industry sees another substantial bull run.

Although Bitcoin presents itself as decentralized, trust is still an important factor when relying on exchanges, custody services, etc. Lee believes that regulations are needed to increase consumer protection and restore trust in crypto markets.

It’s unclear whether the new regulations proposed by governments can reverse the course of the current bear market, but they will provide protection for those who participate in the digital currency landscape, Lee said.

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