Bitcoin Price May Skyrocket Up To $300,000 By Year's End Before Collapsing - Entrepreneur

Bitcoin, the world's most popular and highest-valued cryptocurrency, could soar up to $300,000 by the end of 2021, followed by a drastic decline that could last for years, Bobby Lee, the cofounder and former CEO of the BTCC crypto exchange platform, told the CNBC broadcaster

MOSCOW (UrduPoint News / Sputnik - 23rd March, 2021) Bitcoin, the world's most popular and highest-valued cryptocurrency, could soar up to $300,000 by the end of 2021, followed by a drastic decline that could last for years, Bobby Lee, the cofounder and former CEO of the BTCC crypto exchange platform, told the CNBC broadcaster.

"Bitcoin bull market cycles come every four years and this is a big one," Lee said, adding, "I think it could really go up to over $100,000 this summer," which could triple by the end of 2021.

The crypto entrepreneur further noted that two of such "mega bull market cycles" took place in the past eight years, with the last one being recorded in 2017 when the price of bitcoin surged to nearly $20,000 by the year-end from about $1,000 earlier that year.

"It could go down by quite a bit and that's when the bubble bursts. In the bitcoin crypto industry, we call it 'bitcoin winter' and it can last from two to three years," Lee added.

Bitcoin is currently trading at $53,287, according to data provided by the Binance cryptocurrency exchange.