Li Qiyuan: Bitcoin may rise to $300,000 this round and then the bubble will burst

Bobby Lee, former co-founder and CEO of BTCC (Bitcoin China), said that based on its historical patterns, Bitcoin could soar to as high as $300,000 in the current bull market, and then the bubble will burst and its price may continue to fall in the next few years.

Li Qiyuan said: "Bitcoin bull market cycles come every four years, and this round is a big bull market. I think its price may rise to more than $100,000 by this summer."

He said that Bitcoin has had two "super bull cycles" in the past eight years, the last of which was in 2017, when the price of Bitcoin rose 10 times, soaring from $1,000 at the beginning of the year to nearly $20,000 at the end of the year.

In this cycle, the price of Bitcoin reached around $30,000 at the beginning of 2021, and Li Qiyuan said that if it rises 10 times as in 2017, it means the price of Bitcoin will reach $300,000. But he said he can't be sure that history will repeat itself.

Lee warned that after the current bitcoin bull run, a “bitcoin winter” that could last for years could hit the cryptocurrency.

He said: “When the bubble bursts, Bitcoin could drop significantly. In the cryptocurrency industry, we call it a ‘Bitcoin winter’, which could last two to three years.”

Lee said investors should be aware that the value of Bitcoin could fall by as much as 80% to 90% from its all-time high.