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

[TheWeb]

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/

[bitcoinhunter888]

Bitcoin is really unpredictable and it cannot be said precisely how much time it will take to get back to its level. Hopefully it will take the minimum time possible and bounce back soon and initiate a bull market.

[Pursuer]

so far we are past the 6 months mark with a little less than 8 months of down time with no major rises and about 2 months of this 8 has been near stability price close to the bottom. so we may very well be at the end of the period which bitcoin required for its "recovery".
there is only one roadblock remaining and that is ETF, and I believe that as soon as we get past that we can start getting back on track.

[larkscrypto]

This is a good thing to hear. Charlie Lee has stated how much he believes in the coin and has said nothing but good remarks about it. HE even believes that the future is bright for BTC

[LeGaulois]

He may be right, but it's easy to make a prediction like this one. If it was coming from the average Joe, like me, folks would say it's bullshit.

I still think the Bitcoin will never go back up to where it was in December.

On one hand, there are people who will sell their bitcoins once it reaches ~$15,000, thinking that it will never go above $20,000 and that it is wiser to sell it now in order to avoid a loss if the price still spits and $15,000 is already good.
And on the other hand, all the people who invested when the price was at $20,000 will also sell their bitcoins thinking that at least they will not have any financial loss.

In the end, many people will sell their bitcoins when the price is $15k or $20k, and maybe the majority will do so. In the end, what happens if everyone sells their bitcoin? We could, therefore, see the same scenario, the price will fall heavily, and once it goes back up history will repeat itself again and again.

[St4yInTh3D4rk]

Yes the recovery maybe like 2013 but now the prices were already dropping for 8 months since the beginning of this year so we are halfway through maybe the prices will start to recover once all the ETF got the decision.But for now the prices were very cheap and it maybe the last time we can buy the bitcoins for this price so don't make too late if you are planning to buy bitcoins.

[rodalutor]

I think 6 months is much too early to see $20k again. Recovery when it comes will be slow and steady not a rapid spike back up to those heights. The next halving will probably be what will prompt that recovery.

[CryptoBry714]

This is really great news. This famous person who has a great deal of experience regarding the crypto has talked in favor of the bitcoin and he has shared his experience which indicates that bitcoin has a lot of potentiality to do great in future.

[caideogivay23]

This is still a calculation, I have not determined when the bitcoin will return to their price. I find this statement is very vague and unbelievable as if it is not in the expected as What's going on?

[aoluain]

The key point that i am taking from this is the long term point which Charlie Lee
is referring to. Even though it is a speculators market now i would agree that it
will be less in the long term.

I dont think there is "a price" for bitcoin and crypto, the price is determined by
a lot of factors and i believe when bitcoin goes to $20k and hovers there for
a number of months the same questions will be asked about the price.

When is it going to go up?
Why is the price only $20000?

Etc.

[SoliDCoiNs777]

This is really a post of hope. This talk of the famous and experienced crypto specialist proves that bitcoin is a very much potential and it has great future. People should consider the crypto currency in this way when making comment about this.

[catjones]

I'm also a bitcoin fan but I think 6 months is not a realistic period for a higher price jump.
The market is more stable and awareness of the benefits of the crypto currency is expanding globally, so it is inevitable that the price will go up...
Maybe I'm wrong, but I think this time the price will grow slower, without the big oscillations we attended in the past.

[rasulibragimavic]

Charlie Lee he is a wise man and it is necessary to listen to him I am sure that he is right because he does not say that bitcoin for the year will grow to half a million dolar .

[blackandwhite89]

Charlie Lee is quite knowledgeable when it comes to dealing with crypto. So, this is indeed a great news for the people and the market. He seems to be in huge favour of BTC and has given some positive comments on it too. And he does believe that BTC has the potential to thrive in the future.

[franky1]

TL:DR;
summary, follow the hashrate and mining costs
ask yourself when do you think hashrates will be around >300exa

...
in 2013 the price jumped 10fold to an ATH . this was due to the overhype of certain things after new mining equipment triggered the rise.

after the 2013 peak it corrected down to at that time truer value due to the hype cooldown after mtgox.
prices went to $250(mtgox bottom) .. $400 and slowly moved to $600 'value' over the 2014

let me explain why
although the hashrate jumped by 200fold. oct 2013-august 2014
the COST to mine actually got cheaper. thus underlying value pulled down value from
oct 2013 GPU mining the network hashrate of 1 terra... costing $1kper btc
aug 2014 ASIC Gen1 mining the network hashrate of 200terra costing $225 per btc

even up to november 2015 the hashrate was still only double that of august 2014.. bringing underlying costs to near $500 per btc

so  that explains why there was a slump in 2014-2015 as asics got more efficient there was not much movement of the prices caused by a surge in mining costs. as there was no surge in mining costs  just a gentle increase as the balance between hashrate rises and asic efficiencies grew at a slow pace.
and no big drama speculation so prices remains low and near to the underlying value of botomline cost support
.....

but then came the terrahash mining generations which made the hashrates move up and also with the block reward halving caused the costs to rise. and underlying costs of 2016 came back to the realm of $1k per btc

...
and now in mid 2018 the underlying costs of mining are $6k per btc.. at 40exa

..
now although it only takes a 4fold hashrate(meaning 160exa) jump to bring S9(14thash) asics mining cost of btc to $24k..
 
new gen asics are just being released which counters todays state/forcast

the next gen where for the same electic and equpment value. the hashes can do about double the hashrate. meaning the hashrate has to be above 320exa to get the underlying costs/value to $24k if all asics are the new 7nm asics just being released now.

...
and so ill let you all now forcast the underlying value which for the last many years has been predictable to see the "bottoming out" support area no one wants to sell below.

but sorry no one can predict the next ATH caused by hype/speculation and emotions which can push prices above value sooner/higher than normal/progressive/natural value incline

good day to you all.

hashrate went from 7terra to 50terra in 1 year
at that rate it will be in the 350exa within a year
also note hyp/drama/speculation could bring the price spiking and correcting up and down within that time. but underlying value becoming $24k could be within the year

[BrewMaster]

bitcoin has been getting out of the big bear market after one of the biggest drops that it  experienced in the pat ~8 months. so at this point it is understandable that it would be hard for some people to see and accept the fact that bitcoin is going way beyond $20k. everyone right now is too caught up in meaningless short term scenarios and are missing the big picture. the real potential that bitcoin has.
it is funny to think about how they were all talking about $100k not so long ago and they seem to have forgotten that

[JamescrypTrader]

 I also think so it will not take a long time for reach bitcoin in level. The downward will not be stable for a long time. It will be a good news for the user and investor. So we don’t need be wait for a long time.

[HistoryVampire]

I don't think people will take Carlie Lee seriously anymore after he tried to manipulate his own Litecoin project by calling it a shitcoin. There have been a lot of experts who predicted the slump of Bitcoin to go below 4,000$ by the end of this year and now here we are, Bitcoin slowly recovering again towards the 10,000$ mark.

[khaled0111]

The cryptocurrencies market is a free market where there are no regulations or rules.
Even Satoshi Nakamoto can't predict the price of Bitcoin for the next month or even the next day.
What is sure, is that prices of some coins will rise (BTC, ETH, LTC...)

[CheeryPenguin]

These type of expert opinions don't excite me nor saddens me anymore. I have found most of these people are not actually conveying what they know rather they are trying to manipulate what we think about the market and the coins. This has been the case with all the expert opinions I have read online. Charlie is no different.