Bobby Lee Doesn’t think the Bull Cycle is Over

The cryptocurrency market has underperformed in recent weeks, but market experts believe that the bull cycle continues to persist.

Ballet Crypto CEO Bobby Lee believes that despite the recent correction, the cryptocurrency market is still in an upward cycle. He mentioned this in a recent interview with Bloomberg when asked about Bitcoin’s performance.

Lee said that the crypto space is still in an upward cycle, but cryptocurrencies are currently being corrected. Bitcoin fell below the $50,000 mark over the weekend, the first time since August.

However, Lee stressed that it is very unlikely that Bitcoin would fall below the $40,000 mark during the correction phase. Bitcoin has recovered from its previous slump and the leading cryptocurrency is now trading above $51,000 per coin.

Lee explained that BTC has not yet reached the peak of the bull market. For the market to reach its peak, the price of Bitcoin would have to double within days or weeks, Ballet Crypto’s CEO added. However, this has not happened yet.

The price of Bitcoin has risen steadily since crossing the $20,000 mark last year. BTC hit a new all-time high of $69,044 per coin last month, but has underperformed since then. Lee said he expects the peak of the bull market in the coming months.

Bobby Lee attributed the massive drop over the weekend to long and short traders causing a massive sell-off in the market. He also attributed the recent price crash to the hack of the cryptocurrency exchange BitMart.

The crypto exchange was hacked and lost almost $ 200 million to the attackers. Nevertheless, BTC and other cryptocurrencies have begun to recover. At the time of writing, BTC is trading above the level of $51,000 per coin and could rise higher in the coming days and weeks.

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