Veteran Bitcoiner Bobby Lee Responds To Missed $100,000 Price Prediction

Key Points:

• When asked about his failed $100,000 prediction during a recent interview with CNBC, Bitcoin industry veteran Bobby Lee responded that he does not consider himself to be a “know-it-all.”
• Lee asserts that despite the fall of FTX last month, the crypto bear market is not showing any signs of slowing down.

When asked about his failed $100,000 prediction during a recent interview with CNBC, Bitcoin industry veteran Bobby Lee responded that he does not consider himself to be a “know-it-all.”

“Unfortunately after peaking out at $69,000, the bull market was over, and now we are in the deep of a crypto bear market…It’s unfortunate, but these are the cycles,” he said.

In October of last year, Lee forecasted that there would be a significant rally fueled by FOMO that would send Bitcoin past the $100,000 threshold before the end of the year. He predicted that this would increase media coverage, which in turn may spark another spike driven by investors who had not yet invested in cryptocurrency.

Similar statements were delivered by Lee towards the tail end of 2019 to commemorate the debut of his new Ballet bitcoin wallet. He claimed at the time that a price point of $100,000 was doable in a different bull market.

Lee asserts that despite the fall of FTX last month, the crypto bear market is not showing any signs of slowing down. Due to a lack of regulations or regulations that are insufficiently strong to protect against fraud and scams, the market sentiment for cryptocurrencies has changed from optimism to concern. Before the cryptocurrency market has another significant bull market run, according to Bobby, this bear market will last until the beginning of 2025.

Bitcoin promotes itself as being decentralized

Despite the fact that Bitcoin promotes itself as being decentralized, trust is still a key component when using exchanges, custodial services, etc. In order to improve consumer safety and rebuild trust in the crypto markets, Lee thinks laws are essential.

Although it is uncertain whether new restrictions put forth by governments would be able to stop the present bear market, Lee argues they will offer protection to anyone taking part in the digital currency market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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