Cryptocurrency veteran Bobby Lee says he remains bullish on Bitcoin (BTC), Ethereum (ETH) and the wider crypto market despite the recent downturn.
In an interview with Bloomberg, Lee says that if the predictions for a severe crypto winter fail to materialize, Bitcoin and Ethereum will easily go back to their all-time highs recorded in November of 2021.
The crypto veteran says that the upgrade that will see Ethereum transition from a proof-of-work (PoW) consensus mechanism to proof of stake (PoS) will serve as the catalyst that will see the two crypto assets rally back to their record highs.
“I’m very bullish on Bitcoin and cryptocurrency. It’s just that I think last time I was on the show I was worried about the price. In the short term, there was a price correction. And compared to then, Bitcoin and Ethereum have both come up more than 20% in price. And I think I think the call for bear market that might be premature. We’ll see. Right.
If the bear market doesn’t materialize, you could easily see Bitcoin and Ethereum go back up towards their previous highs, especially with this upcoming upgrade for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone’s anticipating it.
On the other hand, if there really is a bear market, I think that’s a short-term one to two-year affair. And that’s just to set the stage for a big new super rally in the coming years.”