During a recent interview with CNBC, industry veteran Bobby Lee said that he does not proclaim himself a Bitcoin "know-it-all," when pressed about his failed $100,000 prediction.
"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.
Last October, Lee predicted that there would be a substantial rally driven by fear of missing out (FOMO), which would push Bitcoin above the $100,000 mark by the end of the year. This would lead to more media attention, which in turn could ignite another surge propelled by those investors who were yet to jump into crypto, he predicted.
Lee had made similar remarks around the end of 2019 when celebrating his new Ballet cryptocurrency wallet launch. Back then, he said a price point of $100,000 was attainable during another bull market.
The crypto bear market is showing no signs of slowing down following the collapse of FTX last month, Lee claims. The sentiment on the cryptocurrency market has shifted to caution due to a lack of regulation(s) that are not robust enough to protect from fraud and scams.Bobby predicts this bear market will persist into early 2025 before the crypto industry experiences another substantial bull market run.
Although Bitcoin advertises itself as decentralized, trust is still an important factor when relying on exchanges, custodial services, etc. Lee believes that regulations are necessary in order to increase consumer protection and restore trust in the crypto markets.
It is unclear if new regulations proposed by governments can turn the tide of the current bear market, but they will provide protection to those participating in the digital currency landscape, Lee says.
Gamza Khanzadaev
