Bitcoin could cost 6 million Mexican pesos, but the fall will be brutal and will last for years, says cryptocurrency expert

Bobby Lee, co-founder of cryptocurrency exchange BTCC, predicts that the Bitcoin ‘bubble’ will burst after reaching its peak, which is known as ‘Bitcoin winter’.

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March
23, 2021

3 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.


After analyzing the history of the growth Bitcoin , expert criptomonedas Bobby Lee projected to digital currency could reach 300,000 dollar quoted per unit (about 6 million Mexican pesos at the current exchange rate). However, he warns that after reaching its maximum peak it will suffer a brutal fall , the damage of which will impact for years.

The co-founder and former CEO of cryptocurrency exchange BTCC predicts that the Bitcoin ‘bubble’ will burst, causing a long-term decline.

Cycles of rise in the Bitcoin market happen every four years and this is a big one ,” explained Lee, who is currently the CEO of Ballet , an app that works as a cryptocurrency wallet . “I think it could really go up to more than $ 100,000 this summer,” added the expert quoted by CNBC .

In the last eight years there have been two of these ‘bull cycles’ , the last one was in 2017 . On that occasion, Bitcoin started the year with a price close to $ 1,000, and closed at almost $ 20,000.

Is ‘Bitcoin winter’ coming?

Bobby Lee explained that Bitcoin “could go down a lot and that’s when the bubble bursts .” He explained that in the crypto asset industry it is known as “Bitcoin winter” and that it “can last two to three years .”

Taking into account that Bitcoin started 2021 trading at around $ 30,000 per unit , the specialist predicts that it could reach “even a value 10 times greater than that .” That is, the most popular cryptocurrency would reach $ 300,000 , but he clarified that he is not sure that history repeats itself.

In the first quarter of 2021 alone, Bitcoin has broken its own records several times. At the beginning of March it reached an all-time high, exceeding $ 60,000 per unit.

Currently, the price of Bitcoin is around 55,000 dollars (about 1,144,602 Mexican pesos) according to data from CoinDesk and CoinMarketCap .

Graph showing the behavior of Bitcoin from December 23, 2020 to March 23, 2021. Source: CoinMarketCap.com

Despite its surprising growth, the ‘Bitcoin winter’ could affect the cryptocurrency for years. Lee noted that investors should be aware that the value of this digital asset could fall 80% to 90% from its all-time peak.

“Bitcoin is very volatile, but the rewards are risk-adjusted, I think,” concluded the specialist.

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