The cryptocurrency market still aspires to move past the mistakes of the past, despite the fact that 2022 was an eventful year with many tragic events. Many analysts had previously expected that bitcoin would reach a fat six-digit target by 2022, but it appears that they have since gotten impatient because of the current market scenario. However, finally, someone has addressed the failed $100,000 prediction for the largest cryptocurrency by market cap.
A veteran in the Bitcoin industry, Bobby Lee said that he does not consider himself to be a “know-it-all when asked about his failed $100,000 prediction for Bitcoin. In October of last year, Lee predicted that there would be an important rally fueled by FOMO that would send Bitcoin past the $100,000 threshold before the end of the year.
In an interview with CNBC, the veteran said, “Unfortunately after peaking out at $69,000, the bull market was over, and now we are in the deep of a crypto bear market…It’s unfortunate, but these are the cycles.”
When Will the Bulls Take Charge?
Similar statements were made by Lee towards the tail end of 2019 to commemorate the debut of his new Ballet bitcoin wallet. He claimed at the time that a price point of $100,000 was doable in a different bull market.
The king coin was trading for $46,406 on December 20, 2021, and it has lost more than 63% of its worth so far this year. Thanks to the Terra collapse, multiple bankruptcies, and the FTX fiasco. Bitcoin is still showing minimal to no change and is still below the $17,000 mark. Following its brief ascent to above $18,000 last week, bitcoin quickly reversed course and started to lose value.
Thus, uncertainty regarding the next prospective bull run hangs over the cryptocurrency industry. According to Lee, before the cryptocurrency market experiences another bull market run, this bear market will last until the beginning of 2025.