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A crypto expert known for the accuracy of his predictions, Bobby Lee, estimates that the value of Bitcoin will be multiplied by 4 or 5 this year. The BTC could thus finish the year at a price between 200K and 250K$.
The growth potential of the first of the cryptocurrencies is not questioned however. Predicting its value in a few months, or even weeks, remains complex, however, because of its high volatility.
However, crypto expert Bobby Lee takes the risk. He is quite optimistic. “I think it [Bitcoin] will go up at least another four or five times, so it’s going to be $200,000 to $250,000 this year,” he says.
A few years earlier, however, in 2018, Lee predicted a Bitcoin of $333,000. So he is partially correcting his prediction. Nevertheless, in a 2018 tweet, he was already anticipating a new Bitcoin bull run at the end of 2020.
And this first phase was to precede a take-off in early 2021. And for Bobby Lee, who is also the founder of the crypto wallet Ballet, next December will therefore see a new peak for cryptocurrency.
This 3rd phase remains to be confirmed. To explain the surge in the price since December, the expert points to the arrival of new institutional investors in crypto, including Tesla. Lee also believes that the SEC could now be more open to Bitcoin ETFs.
The rally of someone “as respected” as Elon Musk to crypto is likely to create a fundamental movement in companies. “Every member of a board of directors of every publicly traded company and even board members of private companies” could now consider such an investment.
However, analysts from the investment bank JPMorgan Chase are still very skeptical about this. The brake on wider adoption? The volatility of the BTC, still. The bosses of several digital giants, such as Microsoft and Uber, are also ruling out investing in Bitcoin.
On the other hand, other companies led by Elon Musk could adopt a similar policy. SpaceX CFO Bret Johnsen is reported to have attended the MicroStrategy Bitcoin conference.
And if the value of the BTC were to reach the levels predicted, such an investment would prove to be very lucrative. For Bobby Lee, Bitcoin’s progress will not end in 2021. By 2028, he estimates that its capitalization will surpass that of gold thanks to a price of more than $500,000.
“When [Bitcoin] reaches its peak, it will collapse, and the collapse will be devastating,” he warns. “For many people, it will be a huge surprise,” he adds. Nevertheless, the value of crypto will recover on its own over time, he concludes.