Bobby Lee, a cryptocurrency veteran, predicts when the crypto and Bitcoin (BTC) bear market will end, warning traders that it could take years.
Lee says in a new CNBC interview that the crypto market will remain bearish for the foreseeable future before turning bullish in about 24 months.
“I think it’s going to be pretty bearish for the next year or two. Personally, I believe the bull market will return in about two years. Certainly, it will be two years from now by late 2024, and certainly by early 2025. But only time will tell. It’s difficult to predict when this bear market will end.”
According to Lee, Bitcoin has fared relatively well in comparison to other crypto assets following the collapse of the FTX exchange.
“We’re definitely in the bear market after the FTX collapse last month. The entire crypto market has plummeted. Bitcoin has remained relatively stable. It has only dropped by 10-20%, while the rest of crypto has dropped by 50%. Many crypto tokens have plummeted significantly.”
To reestablish trust and confidence in the digital asset industry, the Bitcoin veteran believes that more regulation of crypto companies, but not cryptocurrencies, is required.
“I’m always a proponent of more regulation in the cryptocurrency market. To be clear, I’m referring to the regulation of companies operating in the cryptocurrency market, not the asset itself, because the asset is inert. It is what it is. It is a commodity, similar to gold and silver. There is no way to change the chemical composition of gold or silver. Similarly, no amount of regulation can alter the composition of Bitcoin. What we can and should regulate are companies that do business with cryptocurrency, particularly those that provide custodial services or store cryptocurrency for others.”