Bitcoin may rise to $100,000 this year, however, anything above that will be hard to predict, Bobby Ong, a bitcoin expert and co-founder and COO of CoinGecko, one of the world's leading cryptocurrencies data aggregators, told Sputnik, adding that current drastic decline of bitcoin can last for years
MOSCOW (Pakistan Point News / Sputnik - 31st March, 2021) Bitcoin may rise to $100,000 this year, however, anything above that will be hard to predict, Bobby Ong, a bitcoin expert and co-founder and COO of CoinGecko, one of the world's leading cryptocurrencies data aggregators, told Sputnik, adding that current drastic decline of bitcoin can last for years.
In late March, Bobby Lee, the co-founder and former CEO of the BTCC crypto exchange platform, expressed belief that 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.
"I am quite sure that we will see $100k Bitcoin this year but anything above that will be hard to make predictions. We are at price-discovery mode for Bitcoin now after breaking the previous cycle high of $20k. A lot of attention is now at the $100k price levels. How high it will go will be anyone's guess this year," Ong said.
However, Ong said that he can definitely agree with other predictions saying that the drastic decline of bitcoin can indeed last for years.
"From past Bitcoin trend cycles, there is usually 1 year of exuberant price action followed by 3 years of bearish market before the market picks up again. This follows roughly the 4-year Bitcoin halving cycle and I expect this trend to continue," he said.
When asked what would happen after the bitcoin bubble bursts, Ong replied that the majority of the speculators will leave the crypto scene and the multi-year bear cycle will make many people "get disillusioned with things."
"That does not mean that innovation stops. In fact, the crypto industry will continue to innovate and grow during the bear cycle and when the next bull cycle comes again, there will be many new products and services ready for the mainstream audience," he explained.
According to the expert, the ups and downs are entirely natural for bitcoin as it has happened many times in the history of cryptocurrencies.
"This industry is inherently volatile and cyclical," he admitted.
Bitcoin, a highly popular virtual web-based Currency, has been on everyone's lips for a decade now since its introduction back in 2009. At its peak, its market capitalization exceeded $1 trillion, matching tech giants like Amazon, Google and microsoft. Bitcoin is currently trading at over $58,000, according to data provided by the Binance cryptocurrency exchange.
