It could take 6-24 months for Bitcoin to return to its level- Charlie Lee

[tee-rex]

In answering question on what the present prices of different cryptocurrencies says about their future and usage, Charlie Lee said,

“I think, in terms of long-term, it tells us of the success of the cryptocurrency but in short-term, it doesn’t tell us much.” He further added, “For example, this year there has been so much adoption in Bitcoin and Litecoin but the prices have dropped like 60-70%. So, I think it’s because it’s so volatile, it’s all about speculation these days. But, in the future, the price will reflect the success of the cryptocurrencies.”

Source: https://zycrypto.com/it-could-take-6-24-months-for-bitcoin-to-return-to-its-level-litecoin-creator-charlie-lee/

I eagerly support his opinion and view on the future of cryptocurrencies. The fall (or maybe even the fallout) of prices was kinda predetermined by the insane levels of speculation we witnessed in 2017. Now that speculation is on the wane, we should expect more adoption as prices become more stable. High volatility was the major roadblock to accepting cryptocurrencies by merchants and sellers. And while the price crashing 70-80% may be a huge pain, disappointment, or even disaster for those who bought at December highs and around those highs, for the real economy it can in fact be a good thing as prices are now closer to the "fair value" which reflects real application of cryptocurrencies.

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[jayveerastrullo]

That's what i always said when someone ask me when will bitcoin run smoothly. Bitcoin needs more than a year in order for it to stay on the average price, 10k. That may take a long time to happen but i am sure that that will happen. The drop of bitcoin now is just normal because no ones buying.

[coinpedia240]

By mentioning the level of Bitcoin if Charlie is indicating towards the 20,000$ mark of Bitcoin then I think it is very much possible for Bitcoin to reach 20k again within next 2 years but to be honest, I don't think his opinion matters much as he has already lost his credibility in the crypto space after making so many controversial moves.

[Lisedc]

This will not go so long, because its normal that there is always ups and downs occurs. It is just August now. There is a huge time to end this year. So you can not say this earlier! You never know what will happen next! May be some good day is coming!

[MarchionessBold]

The recent market crash made all the crypto investors so unhappy. All the recent accidents made too much frustration among the users. But there is always a hope that the market will come back soon.

[micher143]

Predicting is not easy especially when we predict what will be happen in the future. I though even the creator of this system are felt hard to know what will be exactly be happen in the future. But even they said that it's been too long to reach bitcoins it's fully recovery again I believe that there will be the miracles happen anytime and there are a big possibility that it will rising up again and reach it's highest peak surprisingly that nobody knows and inform. Maybe it can be much possible to happen as sooner it can be when the adaptation and legalization of this system will occur sooner as it can and that is possible to happen when all of us are keep supporting it and embracing it.

[Hablinfuld]

You are right! Like I was thinking about this too. Because recently there was a $600B market crash, then all the prices of altcoin has been decreased. It’s a matter of worry too!

[bitfocus]

I dont want another hype, I just want bitcoin to grow in a natural way.

[ralle14]

Source: https://zycrypto.com/it-could-take-6-24-months-for-bitcoin-to-return-to-its-level-litecoin-creator-charlie-lee/

The author of the article must've heard it wrong in the interview Charlie said sometimes three or four years. Anyways this is just a speculation it could take more than 6 months before the price can fully recover because there's probably a lot of investors that bought when the price was above $10k and holding it until now waiting for the price to go back up so they could profit or at least get back most of what they've invested.

The recent market crash made all the crypto investors so unhappy.

It's more of a 60-40 than saying everyone was unhappy because there were people who bought during the peak but there were more people who sell to secure profits which caused the crash. In the end there were traders that were happy and vice versa.

[chidrawarster]

To be very honest, nobody can predict the future of btc and the whereabouts on the price. The only way to get moving is to buy at lows and sell at highs,, this is what many people do and even they are concerned in shorterm and few of them are concerned in long term. This way there is no specific time frame that can be speculated as its really not predictable.

[talkbitcoin]

it is true that we can not predict bitcoin like that ever and it may take a short time to recover from a drop like it happened before or it may take longer. but at this point i believe that the shorter time is more possible because of two things. the first one is the fact that we have already hit the bottom and second one is because the market is so much bigger now and it makes things move a lot faster.

[ecnalubma]

There's really no shortcut in crypto space, the best strategy is to buy and forget. I believe Bitcoin will break an all time high again this year since this market is slowly regulated that will make new investors confident. Past year was a fake hype, maybe this year will be the real demand and growth.

[thesmallgod]

I respect this man opinion but cryptocurrency price is unpredictable. nobody know what will happen to bitcoin before the end of the year and i am very sure he follows the massive pump of bitcoin in 2018. if this happen again then I do not think it will take less than 1 month before bitcoin return to its highest price peak because we have witness how drastic the price of bitcoin can grow within few hours before bu just as I have said bitcoin price is totally unpredictable.

[Coin_trader]

How could you take a word from the Litecoin creator that abandoned his own crypto? What kind of person is he?
Bitcoin and other cryptos are volatile, it means no one could ever foretell what would be the precise price or trends it would be for the next period of time, it might go up tomorrow and drop down the next day, your investment could gain a hundred folds in some minutes or lose it's half in a second, that's how crypto works.

[ziac]

This speculations from known people are baseless.. Bitcoin alone is very unpredictable anyone could speculate price increase tomorrow without facts back by it. Anyway im not against it.. I just hate baseless speculations specially from lite coin founder

[tee-rex]

How could you take a word from the Litecoin creator that abandoned his own crypto? What kind of person is he?
Bitcoin and other cryptos are volatile, it means no one could ever foretell what would be the precise price or trends it would be for the next period of time, it might go up tomorrow and drop down the next day, your investment could gain a hundred folds in some minutes or lose it's half in a second, that's how crypto works.

Has it never occurred to you that if whoever abandoned his own crypto, it is Satoshi himself? You don't even know who is him, or her, or they, and they haven't been seen for like 7 years already. And now you come up here with unfounded accusations obviously forgetting that those living in glass houses shouldn't throw stones.

You know who Charlie Lee is, he is not hiding in obscurity and under fictitious pseudonyms, up to a point where some people start to think that he is the Satoshi Nakamoto (though he declined such speculations), and he is open as far as generally acceptable about what he is up to. And now you blame him for abandoning litecoin. That's ridiculous.

[btc_angela]

This speculations from known people are baseless.. Bitcoin alone is very unpredictable anyone could speculate price increase tomorrow without facts back by it. Anyway im not against it.. I just hate baseless speculations specially from lite coin founder

Sure it was baseless, but if you look at the state of crypto right now and compare it to lets say the bearish trend 2013-2015 there are a lot of similarities and we all know that it really takes years before we can even get up from the Mt.Gox or Silk Road and up to this this day, it still haunts us. I'm not saying that I. totally agree with Charlie, but personally, I see that its possible that we may have to endure this bearish trend longer than everyone has expected.

[mmo_online_1981]

Bitcoin and altcoin take a year to return to the current price, but just about 6 months is recovering, the digital money market is very attractive, the return will be like a lightning bolt

[wongdeso]

Indeed, coin prices cannot be predicted precisely, market speculators give little influence to determine the value of coins. What reveals Charlie Lee is wise and gives us the understanding to be able to detect speculators themselves and arrange fate to be picked up.

[BlackRacerX]

One of the cryptocurrency creators that had an early foresight on what cryptocurrencies will be to the world in the nearer future is Charlie lee, the former Google engineer who also worked with Coinbase, before leaving the later to focus on his created crypto litecoin, that could be mined.

In recent times, he said that everyone should try and own at least one bitcoin and in another commented that was widely published online, he said that bitcoin is the gold of cryptocurrency which could suggest that he is a bitcoin fan.

In a chat he had with CNBC which has a good inclination concerning crypto coverage, he was asked some question about plans to buy back litecoin which he sold out late last year and early this year, due to criticism, bitcoin crash and his prediction when when to expect a bitcon rise.

Commenting on what the value of bitcoin is presently and when he feels it could rise past the highest price of $20089 which it reached in Dec 2017, he said,

“It’s hard to predict prices, I’ve been in this space for 7 years now…sometimes it comes back within six months…sometimes it takes like three or four years,” Lee said, “it’s kind of hard to say.”

In answering question on what the present prices of different cryptocurrencies says about their future and usage, Charlie Lee said,

“I think, in terms of long-term, it tells us of the success of the cryptocurrency but in short-term, it doesn’t tell us much.” He further added, “For example, this year there has been so much adoption in Bitcoin and Litecoin but the prices have dropped like 60-70%. So, I think it’s because it’s so volatile, it’s all about speculation these days. But, in the future, the price will reflect the success of the cryptocurrencies.”

Source: https://zycrypto.com/it-could-take-6-24-months-for-bitcoin-to-return-to-its-level-litecoin-creator-charlie-lee/

That's actually sad. Another 2 years of waiting for bitcoins to ever recover back to $20,000. Well, at least, there will be another chance to finally invest more on other coins and invest more on bitcoins since there will be lower prices per token for 2 years. Otherwise, I can still buy a lot more for 2 years.