$1 Million Bitoin? Bobby Lee Thinks So
The forecasts are all over the place and, to be honest, fun to watch. As for their validity, it is hard to say if any will even be close to what takes place.
That said, Bobby Lee is a well known face within the cryptocurrency world. He is also one who has the accomplishments to not take lightly. Thus, when he says something, it is best to at least consider what he is trying to get across.
Lee feels that $1 million Bitcoin will occur with two more bubbles. He claims that it is common to see each bubble to produce a 10x run up in price. There are times this even reaches 20x.
This means that the present price of Bitcoin is just a fraction of what it will be in 5-10 years.
Bitcoin is the most watched of all cryptocurrencies. Lee's conclusions are hardly unique. Many look at the ebb and flow of the coin since its inception and make similar forecasts. Volatility is the norm with this sector. Bitcoin seeing such huge pushes on the upside tells the story of how powerful traders can become when the bull does kick off.
Of course, the flip side is also true. Upon reaching a high of near $20,000, the token took an 84% hit in the last bear market. While the Bitcoin bear went into hiding, it is still raging for the alt-coin market.
If Lee is correct in his assessment, the next major run (bubble) will move Bitcoin into 6 figures. After that, it is one bubble away from the magical $1 million mark.
For an asset that is as volatile as Bitcoin, it is remarkable how consistent the patterns are. While there are many methods being used to chart the pricing, it is evident that Bitcoin does move up in multiples on a fairly consistent basis.
Lee's observation of the token reaching a higher multiple versus the previous high has held true. Fortunately, for those who monitor this, the track record is rather long. If memory serves me correctly, there are 5 distinct boom/bust cycles in Bitcoin's short history. Each one registered higher highs and higher lows as compared to the previous cycle.
I guess the question is why would this stop?
According to Lee, it will not. For whatever reason, it is a cyclical effect with this asset, one that does not seem likely to change.
If that is the case, Bitcoin hodlers are going to be very happy when the next two "bubbles" hit.
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