the jokes of the crypto world: Bobby Lee Predicts Bitcoin Bottom at $2,500...

[Slow death]

Yes you read right the title.

Bobby Lee Predicts Bitcoin Bottom at $2,500 Before Meteoric Rise to $333,333

The co-founder of Hong Kong-based crypto exchange BTCC says that if history repeats itself, Bitcoin will finally find a bottom next month at about $2,500.

After that, Lee sees a path toward Bitcoin reaching $333,333 by the end of 2021.


Lee is basing his math on the price of Bitcoin back in December of 2013, when Bitcoin hit an all-time high of about $1,200. Over the course of the following 13 months, Bitcoin plummeted by about 87.5%, bottoming out at around $150 in January of 2015.

From then on, BTC gained traction and skyrocketed to a high of nearly $20,000 in December of 2017.

An 87.5% drop from $20,000, puts Bitcoin at $2,500. So, if past is prologue, Bitcoin, which is currently trading at $3,356 at time of writing, has further to slide.

If you’re looking for more predictions, check out Binance CEO Changpeng Zhao on the future of crypto, and here’s a video mashup of industry analysts Tom Lee, Mati Greenspan, Naeem Aslam and Ronnie Moas.

Source: https://dailyhodl.com/2018/12/07/bobby-lee-predicts-bitcoin-bottom-at-2500-before-meteoric-rise-to-333333

note that he is making a prediction based on past performance and this is a very bad thing, but I will leave that aside and go to other points:

1-) we are on December 7th, and the price has dropped to $ 3250, there are many chances of still this month the price falls well below $2500. I am not an expert and also believe that in the future the price will be much high, but for now there are not many reasons for people to buy too much bitcoin, so I believe the price will fall even more.

2-) he said that the price could reach $ 333,333 by the end of 2021, in my opinion this is impossible and very exaggerated

Because of these 2 points I mentioned, I find his prediction to be a big joke, and unfortunately there are many very influential guys in the crypto world who keep making these predictions unrealistic and the result: people get high expectations and buy bitcoin and when the price falls, we see this  panic sale.

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[thecodebear]

So he is simply applying the percentages from the last cycle to this cycle. That's pretty dumb. I mean the low he predicts will be close to being right, since the price already has today hit just $700 away from that, but very unlikely the next boom will be as big as the ~100x boom on the last cycle. 30x-50x is much more likely.

[magneto]

The prediction about the bottom isn't really far fetched. $2.5k could be possible. The $333k price prediction for this time in 2 years probably is.

But for both of these predictions, I simply don't see any proof or analysis to back this up sufficiently. Really seems like that he just pulled the arbitrary figure of $333,333 out of the hat, without actual analysis.

I certainly do not expect the bull market, if it does come in 2020-2021 due to the halving, to be as large in magnitude as the previous one. As prices climb, percentage growth will decline in each bull market imo because there is only a finite amount of fiat in the world. Even a 6 figure bitcoin doesn't seem likely at the moment.

[gentlemand]

I no longer give a shit about the bottom. The actual price is kind of academic now.

While $333,000 is very silly it's certainly not impossible. By then more coins will be in fewer hands and there'll be more demand some day. Only this week we saw Grayscale being reported as having 203,000 coins. If we have totally basic maths it would require about 17x more people throwing the same amount of money in as the previous bubble. There's enough space for many more than that to arrive eventually.

I very definitely don't expect anything like that figure. I discount nothing in terms of possibilities.

As for crypto faces enticing noobs, if they choose to skewer their financial future on the basis of some asshole on Youtube, sod 'em.

[Pursuer]

people always act the same both during rises and falls. it seems like everyone is trying to compete with other's predictions and come up with an outrageous number. for example when the price is rising we keep reading them predicting $20k, $30k, $50k, $100k,... and of course some of them come true by chance. then when it is dropping they do it again in the opposite direction.
the fact is when the ATH or ATL are not healthy you can not predict them. for me the bottom was $6k and anything below that is fake.

as for "past performance" you are right that is bad but enough people insist on its repetition that it actually was repeated!

[St4yInTh3D4rk]

I don't say it is impossible to hit $333,333 by end of 2021 because we already seen unimaginable growth of bitcoin prices in 2017 which just reached $20,000 from less than $1000 so there is possibility for that to happen again but we don't need to predict just based only on the history.

Predictions aside just hold the bitcoin for longer we may or may not see the much prices but we definitely helping the bitcoin to stand from crowd.

[okala]

Yes you read right the title.

Bobby Lee Predicts Bitcoin Bottom at $2,500 Before Meteoric Rise to $333,333

The co-founder of Hong Kong-based crypto exchange BTCC says that if history repeats itself, Bitcoin will finally find a bottom next month at about $2,500.

After that, Lee sees a path toward Bitcoin reaching $333,333 by the end of 2021.


Lee is basing his math on the price of Bitcoin back in December of 2013, when Bitcoin hit an all-time high of about $1,200. Over the course of the following 13 months, Bitcoin plummeted by about 87.5%, bottoming out at around $150 in January of 2015.

From then on, BTC gained traction and skyrocketed to a high of nearly $20,000 in December of 2017.

An 87.5% drop from $20,000, puts Bitcoin at $2,500. So, if past is prologue, Bitcoin, which is currently trading at $3,356 at time of writing, has further to slide.

If you’re looking for more predictions, check out Binance CEO Changpeng Zhao on the future of crypto, and here’s a video mashup of industry analysts Tom Lee, Mati Greenspan, Naeem Aslam and Ronnie Moas.

Source: https://dailyhodl.com/2018/12/07/bobby-lee-predicts-bitcoin-bottom-at-2500-before-meteoric-rise-to-333333

note that he is making a prediction based on past performance and this is a very bad thing, but I will leave that aside and go to other points:

1-) we are on December 7th, and the price has dropped to $ 3250, there are many chances of still this month the price falls well below $2500. I am not an expert and also believe that in the future the price will be much high, but for now there are not many reasons for people to buy too much bitcoin, so I believe the price will fall even more.

2-) he said that the price could reach $ 333,333 by the end of 2021, in my opinion this is impossible and very exaggerated

Because of these 2 points I mentioned, I find his prediction to be a big joke, and unfortunately there are many very influential guys in the crypto world who keep making these predictions unrealistic and the result: people get high expectations and buy bitcoin and when the price falls, we see this  panic sale.

Bobby Lee maybe saying the really thing that is happening and I think this is what is going to play out.  Bitcoin might bottom out around $2500 or below because the way things are going the bottom is really very near.  I believe that ethereum will also bottom out at $50. If you are a small trader I will advise you to keep waiting for bitcoin to fall to $2500 before buying.

[davis196]

Bobby Lee's prediction is silly,but what about John McAfee?
Where is he and is he going to keep his weird promise?
Bitcoin will never reach 333K USD by 2021,but somewhere around 50-60K is very possible,and this would be awesome.Let's not expect crazy predictions about btc going to the moon anymore.

[BitcoinHodler]

1-)  believe that in the future the price will be much high, but for now there are not many reasons for people to buy too much bitcoin,

when you believe price is going up a lot higher than current price then it doesn't matter whether it goes a little lower or not. the risk of waiting is not enough to make investors wait. they wait because they are greedy.

2-) he said that the price could reach $ 333,333 by the end of 2021, in my opinion this is impossible and very exaggerated

and why do you think that? just because it is a big and scary number it doesn't mean it is impossible. $20,000 was also big and scary when price was $200 three years ago...

Because of these 2 points I mentioned, I find his prediction to be a big joke, and unfortunately there are many very influential guys in the crypto world who keep making these predictions unrealistic and the result: people get high expectations and buy bitcoin and when the price falls, we see this  panic sale.

i don't think so.
people are used to these types of predictions. some have been predicting $1 million while others have been predicting bitcoin's death for years and nothing is changing. bitcoin is still going on as always.

[eminemcookie]

The predictions made don't seem too far fetched. The bottom prediction doesn't seem too far wrong at all in fact. The method of reaching it is basic and limited but you'd be surprised how often such things come true. While there are many smart minds conducting advanced analysis in these markets there are also many who do the same as he does to deduce their buy and sell points.

[btcmerich]

where did he get 333,333  USD from??  Why people do not get it. As much as we love btc it has not been accepted  by mainstream investors and it does not have bigger usage then  being speculation tool and having people dump their coins on each other

[glowing10]

where did he get 333,333  USD from??  Why people do not get it. As much as we love btc it has not been accepted  by mainstream investors and it does not have bigger usage then  being speculation tool and having people dump their coins on each other

It is nothing more than the joke that it will reach 333333. Though he just came up randomly and even if it reaches 10% of the price for next year people would be more than happy considering the present scenario where the rise is still expected and hot happening.

[LeGaulois]

Lee is basing his math on the price of Bitcoin back in December of 2013

I usually like when it's based on maths because mathematics never lie, however, there is something different to consider. Between 2013 and 2019 a lot of things happened to Bitcoin, many more merchants, many more KYC, etc, everything is different, that's a lot of different parameters that he couldn't include on his "maths"

Lee sees a path toward Bitcoin reaching $333,333 by the end of 2021

Isn't he the one who said a few months ago that Bitcoin should be at $60,000 this month? Did he use different maths or?
$300,000 is $100k per year or $8k per month.... just saying

[buwaytress]

Oh this is such good fun, agree with above use of "big scary numbers". $100 was big and scary, people lost faith when BTC fell all the way back to low double digits from there. Today, we're wringing hands at 4-digit Bitcoin because 5-digit was achieved. It's funny how these orders of magnitudes looks impossible for us to contend with but we're repeatedly handed our asses when Bitcoin goes on to get it.

Not an endorsement of Bobby Lee in any manner. He's still an idiot and he really looks like he's scraping the barrel with sextuple 3s...

[gentlemand]

It's funny how these orders of magnitudes looks impossible for us to contend with but we're repeatedly handed our asses when Bitcoin goes on to get it.

Yup. Bitcoin is the embodiment of people overestimating the short term and underestimating the long term. It's so prevalent here that I find it desperately tiresome.

You see it everywhere but since numbers are attached to this it's much easier to measure.

[1Referee]

Why do Lee's always feel the need to predict the market movements? The Lee legacy isn't worth much anymore, thank Tom Lee for that.

I always look at the TA hillbillies on youtube to have a fun time during these bearish months. How often can anyone be wrong and still continue predicting the price will all sorts of silly red and green lines, triangles, etc. In some cases you have to know when to not mess with the market, and that time came as soon as we broke the yearly support level.

There is a reason why these idiots keep uploading garbage to youtube, because their TA is pure bullshit. If it was so profitable they wouldn't be making an ass of themselves on internet continuously. All about the ad pennies and scummy memberships!

[BitHodler]

I find it quite funny how these perma bulls quite often highlight the importance of a long term view, yet find it necessary to throw around with bottoms. Someone who isn't interested in the short term doesn't care about bottoms.

People genuinely interested to buy into this market for the long term don't mind the price to deflate further, because the lower the price is the more exposure they can get for the same amount of fiat.

Tim Draper is quite an enthusiast, but refrains from talking about bottoms because you can only lose here. Even if you call the bottom right, it's nothing to brag about since it's just a matter of luck. Keep guessing....

[mikeywith]

for btc to be worth 333,333$ it means the total market cap for btc is going to be over 6 TRILLION $ . assuming some Alts will make it too even with 60% btc dominance then we are talking about 10 TRILLION DOLLARS.

should that happen which is possible , then the value of USD by then will have the same value of the smallest piece of a toilet paper as of today ( which is going to happen sooner or later anyway ).

[gentlemand]

for btc to be worth 333,333$ it means the total market cap for btc is going to be over 6 TRILLION $ . assuming some Alts will make it too even with 60% btc dominance then we are talking about 10 TRILLION DOLLARS.

should that happen which is possible , then the value of USD by then will have the same value of the smallest piece of a toilet paper as of today ( which is going to happen sooner or later anyway ).

Ever heard of market cap? That means there are very few actual dollars involved in creating such figures. It is indeed a very silly amount but it would not require more than a small proportion of actual expenditure to reach those figures. And according to him it's straight back down again afterwards.

[eminemcookie]

It's funny how these orders of magnitudes looks impossible for us to contend with but we're repeatedly handed our asses when Bitcoin goes on to get it.

Yup. Bitcoin is the embodiment of people overestimating the short term and underestimating the long term. It's so prevalent here that I find it desperately tiresome.

You see it everywhere but since numbers are attached to this it's much easier to measure.

There must come a time when this doesn't hold true. Eventually the long term outlook will not perform close to as well as people expect.

for btc to be worth 333,333$ it means the total market cap for btc is going to be over 6 TRILLION $ . assuming some Alts will make it too even with 60% btc dominance then we are talking about 10 TRILLION DOLLARS.

should that happen which is possible , then the value of USD by then will have the same value of the smallest piece of a toilet paper as of today ( which is going to happen sooner or later anyway ).

Ever heard of market cap? That means there are very few actual dollars involved in creating such figures. It is indeed a very silly amount but it would not require more than a small proportion of actual expenditure to reach those figures. And according to him it's straight back down again afterwards.

The market cap reached nearly 1tn in the last bull run and that's without a lot of major investment so think what it can do if it gets big institutions on side.