Bitcoin is volatile and is very difficult to predict. Many investors shy away from the asset because no one knows what’s the future of the cryptocurrency. And yes, this is also the reason that many analysts have been predicting the crash of Bitcoin. It seems somewhat inevitable and is bound to happen sooner or later. Why am I saying this? Because recently, the founder of BTCC exchange Bobby Lee said that even though BTC could surge to $300k, it could also fall by more than 90% after that. This fall will be so rough that it could take years for BTC to recover again.
Bitcoin could crash!
Bobby Lee pointed out the pattern that Bitcoin has been following for years now. He said that every 3-4 years, the cryptocurrency has a wonderful bull year. He also said that 2021 is a wonderful bull year, just like 2013 and 2017. And if things work out the way they did before, then we can expect Bitcoin to reach $100,000 by summer and $300k by the end of the year. But just like every other bull run, this bull run can also be followed by a bearish market that could last years. People could take profits, and this could significantly push down the price.
Bobby also added that it is not necessary that BTC has to reach $300k to crash. In fact, whatever the price is where it just maxes out could be the point of demise or fall once again. It could fall by more than 80% or 90%, and we will be back the way we were before. People call Bitcoin a bubble, and even the CEO of the exchange said in his words, “after a bull-market peak inevitably it could go down by quite a bit, and that’s when the bubble bursts.” The idea that Bitcoin is a bubble quite concerns to hear, at least from the CEO of a crypto exchange company.
Is Bitcoin really a bubble?
It is a complicated question to answer, but I will try to do justice by discussing both sides of the coin. Starting with the enthusiasts who think that the future of the financial world is crypto, and thus, according to them, the price increase of Bitcoin is justified. They believe in the technology used in cryptocurrency and its benefits. On the other hand, we have critics who think that Bitcoin is a big bubble that could burst any moment. And their belief is that the price appreciation of the currency is solely based on speculation, which is a big problem. Even the big short investor Michael Burry called Bitcoin a bubble, and it is best to stay away from it.
Do you think Bitcoin could crash after topping out at $100k, $200k, $300k, or even higher? And could even Bitcoin go that high? Let us known in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: India’s crypto ban will be different than global regulations.
