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Bobby Lee, the BTCC co-founder stated that the price of the number one cryptocurrency could reach $200,000 in a very short time as we are reading in the altcoin news today.

While speaking to the Yahoo Finance UK, the founder of the first bitcoin exchange platform in China Bobby Lee declared that the bitcoin price will continue to reach greater heights and according to him we can read that:

‘’We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.’’

Bobby Lee, however, provided some more context to the timeline for the actualization of this prediction putting it anywhere from up to a few weeks to a few years. His prediction about the cyclical periods in the bitcoin price action is reached by a growing consensus of commentators on the issue. The Veteran trader Peter Brandt has previously hinted that the bitcoin price has already entered another period of parabolic price growth. The number one cryptocurrency has increased by more than 2.7 percent since the year started and it almost eclipsed $14,000. The price of Bitcoin, however, hit a few swings in Q3 2019 but it is currently trying to maintain a level above the $10,000 price level.

Apart from the positive price performance, the bitcoin network is going through some significant growth in the fundamentals such as hash rate. The total computing power of Bitcoin appears to have set an even reach to the 100 quintillion hashes per second milestone. When he returned to the crypto scene, Bobby Lee stated that he wanted to offer a suitable solution to the cryptocurrency storage problem.  As it was reported previously in the latest cryptocurrency news, Lee’s new crypto business Ballet is building an ‘’un-hackable’’ bitcoin wallet and the startup has raised more than $5 million in seed funding from the investors including giants such as Rabbit Capital and Coinbase. Back in 2017, the Chinese authorities placed a ban on cryptocurrency trading and initial coin offerings. The move forced many exchanges to relocate away from the country.