Bobby Lee forecasts continuation of bear market over the next two years

Bobby Lee, co-founder and former CEO of BTCC, told CNBC that the cryptocurrency bull market could return by early 2025.

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\”I think it will be quite bearish in the next year or two. I forecast the return of the bull market in two years. Time will tell. It is hard to say exactly when this bear market will hit bottom,\” he said.

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According to Lee, Bitcoin remains ‘relatively resilient’, having fallen 10-20% while altcoins have slid 50%.

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The expert argues that restoring trust in the digital-asset industry requires tougher regulation of companies in the sector, particularly those offering custody services.

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\”I’ve always been in favour of greater regulation in the crypto markets. For clarity, I’m talking about regulation of the companies, not the asset itself, because it is inert. It’s a commodity just like gold and silver. No regulation can alter the chemical composition of gold or silver. The same with Bitcoin,\” he explained.

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Earlier, former BitMEX CEO Arthur Hayes said that Bitcoin had reached the minimum of the current cycle. In his view, all ‘irresponsible organisations’ have run out of BTC to sell.

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Earlier, Galaxy Digital founder Mike Novogratz reiterated his forecast for Bitcoin’s rise to the $500,000 mark. He said the asset would require more than five years to reach the target due to significant macroeconomic changes.

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