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Bitcoin [BTC] could rally upto $333k by December 2021, after reaching $2,500 in January 2019: Bobby Lee




Bitcoin [BTC] could rally upto $333k by December 2021, after reaching $2,500 in January 2019: Bobby Lee
Source: Unsplash

Bobby Lee, the co-founder of BTC China and a prominent person in the crypto-community who has always been bullish on the cryptocurrency/blockchain aspects, tweeted on December 7, making a speculative prediction about the Bitcoin’s price and where it could bottom.

Lee took into perspective the last three cycles of Bitcoin market and compared it to the current bear market that we are all in right now, where Bitcoin has lost 82% of its market cap since its all-time high in December 2017. The cryptocurrency market as a whole has lost ~$700 billion in market cap.

Lee added a poll at the end of his tweet. Although the vote will last for two more days, 40% of the people who voted [~750] were convinced that Bitcoin would go lower than $2,500.

Lee compared today’s bear market with the bear market that lasted between 2013 and 2015. Bitcoin, in December 2013 rallied to an all-time high of ~$1,200, and the prices from this point fell down to a low of ~$150, which is a percentage decrease of ~87%.

Although the Bitcoin and cryptocurrency markets, in general, are very volatile and unpredictable, Lee assumed the same percentage drop for the bear market of 2018. Assuming that this bear market also slashes 87% off of the Bitcoin’s all-time high [i.e., $20,000], Bitcoin’s price at the end of this bear market should be around ~$2,500 range and should happen in the month of January 2019.

According to Lee, if Bitcoin follows the same trend, Bitcoin’s bottom could be somewhere in the first month of next year.

Lee follows up this tweet with another, predicting the next rally for Bitcoin, which according to him would go up to $333,000 in 2021 after starting the rally in late 2020.

A Twitter user, Tommy Mustache replied with an infographic of major crashes of Bitcoin agreeing with Lee:

“Bitcoin has survived 4 major crashes over 80% now. It will survive a few more in our lifetime because Bitcoin has 9 lives. It is the new monetary system created by the people for the people and there are over 30 million of us that believes in this new system right now. $BTC”

Source: Twitter, by Tommy Mustache

Another user, MatoshiSakamoto replied:

“With institutions coming in 2019, the narrative is different, so I don’t see history repeating itself to the exact.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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  1. Avatar

    Khemraj bind

    December 9, 2018 at 6:48 AM

    Very nice

    • Avatar

      David Lethe

      December 10, 2018 at 2:52 PM

      Or it could rally down to $333 or rally up to $333 billion dollars, or 33 cents ..

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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