Ballet director Bobby Lee suggests that the “crypto spring” is coming
As the cryptocurrency market, led by Bitcoin (BTC), begins to consolidate its recent gains, many participants in the crypto space are increasingly confident about its future movements, including Bobby Lee, founder and CEO of crypto wallet firm Ballet, who believes the industry is in for a thaw.
In fact, Lee discussed Bitcoin trends, as well as the appeal of cryptocurrencies as the flagship decentralized finance (DeFi) asset had crossed the psychological threshold of $30,000, arguing that signs are visible that the crypto winter is finally leaving, in the interview with Bloomberg Television will be streamed on April 17.
As he explained, the Virgo digital asset has established a bear-bull chart pattern that has taken place in roughly four-year cycles, and the same pattern has occurred recently:
“We are finally seeing the signs of potential spring, coming out of winter. It is a long time ago. Crypto has these four year ‘bull market – bear market’ cycles. And for a good part of the last year, we’ve seen the bear market take Bitcoin down to as low as $16,000. And now we’ve almost recovered a bit. It has nearly doubled, recently peaking at $31,000.”
Crypto versus banks
As one of the reasons for the increased interest in crypto-assets, Lee highlighted the recent bank runs that have made it clear to many people that “when your money is in the bank, it’s not always actually there, necessarily because the money is being lent out. out to other businesses and other firms,” and that “no bank is actually immune to a bank run.”
On the other hand, he argues:
“With cryptocurrency, you have the concept of self-storage. You can actually be your own bank, and you can keep to yourself without having third-party or counterparty risk. And that’s what makes cryptocurrency like Bitcoin very, very special.”
Due to its departure from traditional finance, Lee believes that crypto “should be considered a safe haven in the sense that [it] is very different from the tradition of fiat money and fractional reserve banking.”
Bitcoin price analysis
Meanwhile, at press time, Bitcoin was changing hands at a price of $29,661. This represents a decrease of 2.02% in the last 24 hours, but still an increase of 4.62% over the week and 7.99% over the last 30 days , as charts from April 17 indicate.
Notably, other indicators have pointed to a bullish future for Bitcoin, including the Bitcoin Rainbow chart. If the asset follows past patterns, the chart indicates that it could cross the $100,000 barrier in the following months or by the end of 2023.
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Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
