The cryptocurrency market nonetheless aspires to maneuver previous the errors of the previous, even supposing 2022 was an eventful yr with many tragic occasions. Many analysts had beforehand anticipated that bitcoin would attain a fats six-digit goal by 2022, however it seems that they’ve since gotten impatient due to the present market situation. Nevertheless, lastly, somebody has addressed the failed $100,000 prediction for the biggest cryptocurrency by market cap.
A veteran within the Bitcoin trade, Bobby Lee stated that he doesn’t think about himself to be a “know-it-all when requested about his failed $100,000 prediction for Bitcoin. In October of final yr, Lee predicted that there can be an necessary rally fueled by FOMO that might ship Bitcoin previous the $100,000 threshold earlier than the tip of the yr.
In an interview with CNBC, the veteran stated, “Sadly after peaking out at $69,000, the bull market was over, and now we’re within the deep of a crypto bear market…It’s unlucky, however these are the cycles.”
When Will the Bulls Take Cost?
Related statements had been made by Lee in direction of the tail finish of 2019 to commemorate the debut of his new Ballet bitcoin pockets. He claimed on the time {that a} worth level of $100,000 was doable in a distinct bull market.
The king coin was buying and selling for $46,406 on December 20, 2021, and it has misplaced greater than 63% of its price to this point this yr. Due to the Terra collapse, a number of bankruptcies, and the FTX fiasco. Bitcoin continues to be exhibiting minimal to no change and continues to be beneath the $17,000 mark. Following its transient ascent to above $18,000 final week, bitcoin shortly reversed course and began to lose worth.
Thus, uncertainty concerning the following potential bull run hangs over the cryptocurrency trade. Based on Lee, earlier than the cryptocurrency market experiences one other bull market run, this bear market will final till the start of 2025.