Cryptocurrency veteran Bobby Lee is forecasting when the crypto and Bitcoin (BTC) bear market could end, warning traders it might take years.
In a new CNBC interview, Lee says that the crypto market will remain bearish for the foreseeable future before a turnaround in about 24 months.
“I think it’s going to be pretty bearish for the next year or two.
Personally, I predict the bull market will come back in probably two years’ time. Certainly, by late 2024, it will be two years from right now, and certainly by early 2025.
But time will tell. It’s hard to pin down exactly when this bear market will bottom out.”
According to Lee, Bitcoin has fared relatively better compared to other crypto assets after the implosion of the FTX exchange.
“We’re definitely in the bear market after the FTX collapse last month. All of crypto has really come down a lot. Bitcoin has held itself relatively steady.
It only has come down to 10-20% and the rest of crypto has gone down 50%. A lot of the crypto tokens have gone down much much lower.”
To regain trust and confidence in the digital asset industry, the Bitcoin veteran says more regulation is needed for crypto companies but not cryptocurrencies.
“I’m always a proponent of more regulation in the crypto market again. Just to be clear, I’m talking about the regulation of companies around the cryptocurrency market and not the regulation of the asset itself because the asset itself is inert. It’s just what it is. It is a commodity just like gold and silver.
No amount of regulation can change the chemical composition of gold or silver. And same thing, no amount of regulation can change the composition of Bitcoin itself.
However, what we can regulate and we should regulate are the companies that do business with cryptocurrency especially those that do custodial services or store cryptocurrency for other people.”
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