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The crypto market is still in a big bull cycle, says Bobby Lee



The cryptocurrency market has underperformed in the past few weeks, but market experts believe the bull cycle will continue.

Ballet Crypto CEO Bobby Lee believes the cryptocurrency market is still on an upward cycle despite the recent correction. He mentioned this in a recent interview with Bloomberg when asked about Bitcoin's performance.

Lee said that crypto space was still on an upward cycle but cryptocurrencies were currently being corrected. Bitcoin fell below $ 50,000 over the weekend for the first time since August.

However, Lee stressed that it is very unlikely that Bitcoin would fall below the $ 40,000 mark during the correction phase. Bitcoin has recovered from its previous slump and the leading cryptocurrency is now trading above $ 51,000 per coin.

Lee stated that BTC has not yet reached the height of the bull market. For the market to peak, the price of Bitcoin would have to double within days or weeks, added the CEO of Ballet Crypto. However, that has not happened yet.

Bitcoin's price has risen steadily since hitting the $ 20,000 mark last year. BTC hit a new all-time high of $ 69,044 per coin last month but has underperformed since then. Lee said he expected the bull market to peak in the coming months.

Bobby Lee attributed the massive drop over the weekend to long and short traders who caused a massive sell-off in the market. He also attributed the recent price drop to the BitMart cryptocurrency exchange hack.

The crypto exchange was hacked and lost nearly $ 200 million to the attackers. Even so, BTC and other cryptocurrencies have started to recover. At the time of writing, BTC is trading above the $ 51,000 per coin level and could move higher in the coming days and weeks.

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