Bitcoin could soar as high as $300,000 in the current booming market based on its historic patterns, according to Bobby Lee, co-founder and previous CEO of crypto exchange BTCC.However, he cautioned that the bubble will burst after peaking and the cryptocurrency might see declines for several years.”Bitcoin bull market cycles come every four years and this is a huge one,” stated Lee, who is presently the primary executive of crypto wallet Ballet. “I think it might really go up to over $100,000 this summer season.”Two of these “mega booming market cycles” have actually occurred over the last eight years, he informed CNBCs “Squawk Box Asia” on Monday, mentioning that the last one remained in 2017, when the rate of bitcoin rose to almost $20,000 by the year end from about $1,000 earlier that year.It might decrease by rather a bit and thats when the bubble bursts. In the bitcoin crypto industry, we call it bitcoin winter season and it can last from 2 to three years.Bobby Leefounder and CEO, BalletWith bitcoin getting in 2021 at around $30,000, Lee said “even just a 10x value from that” would bring the rate of the cryptocurrency to $300,000. He clarified that he was not sure if history would repeat itself.Bitcoin has had a smash hit 2021 so far, with the cryptocurrency breaking numerous record levels this year, and exceeding the $60,000 mark previously in March. It last traded at $57,660.24, according to data from Coin Metrics.Still, a “bitcoin winter season” that could last for several years might strike the crypto currency following its bull run, cautions Lee.”It might go down by a fair bit whichs when the bubble bursts,” he stated. “In the bitcoin crypto market, we call it bitcoin winter season and it can last from 2 to 3 years.”Investors ought to be conscious that bitcoins value might fall as much as 80% to 90% of its worth from the all-time peak, the entrepreneur stated.”Bitcoin is very volatile, however the benefits are risk-adjusted, I believe,” Lee said.

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