Cryptocurrency veteran Bobby Lee said that Bitcoin’s 50% collapse from its all-time high does not reflect the market peaks of the past.

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Predicting a 50% drop when BTC approaches the $70,000 level, Lee discussed when Bitcoin could rise to six-digit numbers in a new interview with Venture Coinist’s Luke Martin:

“I think we’ll hit $100,000 either by the end of summer or by the fall of this year, and then it’s going to grow very quickly.”

If Bitcoin follows Lee’s path, the leading cryptocurrency should gain more than 200% from current prices in the next 3-5 months.

According to Lee, when BTC manages to double its price in one to three days, we can start talking about a market peak. So far, Lee doesn’t believe the Bitcoin price is increasing at a rate fast enough to signal a top for this cycle:

“And I will make another guess. When we enter a bull market, how do you know it’s an all-time high? How do you know it’s actually peaked?… If the price doubles in a day or two—somewhere around one to three days—then it’s out of power and it’s an all-time high. The point of this market cycle is that people always say ‘how do you know we’ve reached an all-time high?’ they ask. The summit is not based on FUD and bad news.”

The founder of cryptocurrency exchange BTCC says that unlike the round top and negative news cycle before the crash, the peak of the bull run will coincide with maximum euphoria and parabolic price action:

“When there are calls for regulatory crackdowns, it’s often panic selling. This is never the end of the summit. However, the real end of the summit usually comes from enough enthusiasm. It happens when the price goes up too fast and can’t sustain it any longer, so I’d say it happens when the price doubles in one to three days, or goes up 50% to 100%.”