Bitcoin (EXANTE: Bitcoin) can surge above the $100,000 mark this summer as the cryptocurrency is on top of its bull cycle, Bobby Lee, Co-Founder and Former CEO of BTCC told CNBC. Lee believes the current bull market is a "big one" as bitcoin faces one of its "mega bull market cycles."
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"Bitcoin bull market cycles come every four years and this is a big one. I think it could really go up to over $100,000 this summer," he said.
However, once bitcoin peak its new all-time high, the bubble will burst and the cryptocurrency "could see declines for years." Last two "mega bull market cycles" bitcoin surged approximately 20x. Given the fact that BTC began 2021 with the $30,000 mark even 10x could bring the cryptocurrency to $300,000 by the end of this year, Lee emphasized.
Meanwhile, Deutsche Bank's analysts believe that after reaching a market capitalization of $1 trillion, bitcoin has become "too important to ignore." According to experts, the price of bitcoin could continue to rise as the asset attracts new large investors, such as asset managers and corporates.
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