While many in the crypto scene are in shambles over market downturns, Bobby Lee insists that the end is in sight, based on previous boom-bust crypto cycles.
If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.— Bobby Lee (@bobbyclee) December 7, 2018
And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Something like that?🙂 https://t.co/M8ljIVnt73
Bobby Lee’s analysis relies on the behavior of the market in the past, which is reasonable but arguable. In this case, if history repeats, then crypto should buy in at the upcoming low of 2,500, and hold on for dear life over the next year and a half to enjoy a meteoric rise to almost $350,000 before normalizing.
This of course, is good news, but no certainty. The crypto market has changed a lot since even the last market cycle, of which there haven’t been many from which to take data from. Bobby Lee also conducted a poll on whether the $2,500 bottom is a reliable bet, and the results were essentially split.
Apparently many people have voted that #Bitcoin will go below $2,500 in this bear market. I’ll be very surprised if it ever hits $2,000 again. I suspect there will be a lot of buy orders and support at both $3,000 and $2,500 mark. We will see! https://t.co/M8ljIVnt73— Bobby Lee (@bobbyclee) December 8, 2018
Only time will tell what happens to the Bitcoin market, but crypto enthusiasts can take Lee’s prediction as a positive moment in a notably downtrodden crypto space.