Bitcoin (BTC) Price Will Hit $100,000 – Popular Analyst Bobby Lee Predicts Timeline

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The cryptocurrency market still aspires to overcome the mistakes of the past, despite the fact that 2022 was a turbulent year with many tragic events. Many analysts previously expected bitcoin to reach a big six-digit target by 2022, but it seems they have since gotten impatient due to the current market scenario. However, finally someone addressed the failed prediction of $100,000 for the largest cryptocurrency by market capitalization.

Bitcoin industry veteran Bobby Lee said he doesn’t consider himself a “know-it-all” when asked about his failed Bitcoin $100,000 prediction. In October last year, Lee predicted that there would be a major FOMO-fueled rally that would send Bitcoin past the $100,000 threshold before the end of the year.

In an interview with CNBC, the veteran said: Unfortunately, after peaking at $69,000, the bull market was over, and now we are deep in a crypto bear market. It’s unfortunate, but those are the cycles.

When will the bulls take over?

Similar statements were made by Lee towards the end of 2019 to commemorate the launch of his new Bitcoin Ballet wallet. He claimed at the time that a price of $100,000 was achievable in a different bull market.

The king’s coin traded for $46,406 on December 20, 2021, and it has lost more than 63% of its value so far this year. Thanks to the collapse of Terra, multiple bankruptcies and the fiasco of FTX. Bitcoin still shows little to no change and is still below the $17,000 mark. After its brief ascent to over $18,000 last week, bitcoin quickly reversed course and began to lose value.

Thus, uncertainty regarding the next potential bull run hangs over the cryptocurrency industry. According to Lee, before the cryptocurrency market experiences another bull run, this bear market will last until early 2025.

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