Successful crypto entrepreneur Bobby Lee, the brother of Litecoin founder Charlie Lee, shares his thoughts on Bitcoin. According to Lee, there is a possibility of Bitcoin falling towards $10,000 during this cycle. To reach that level, however, according to Lee, a few things still have to happen.
Bitcoin price of 10,000 dollars
“Bitcoin eventually fell below $16,000. Earlier I mentioned that Bitcoin would probably drop to $15,000. Now, however, the implosion of FTX has been added and a price of 13,000 or 10,000 dollars is not unlikely. That would be a very, very drastic crash. However, more news has to come out for that,” said Lee about Bitcoin.
That news may come with the collapse of Genesis, a major player in crypto trading. “We are currently looking into the problems of Genesis, one of the leading brokers in the market. If they fall over or if, for example, something were to happen to a stablecoin such as Tether (USDT), the price could drop much further in the coming weeks,” Lee concludes his dark story.
Willy Woo is optimistic
However, popular and respected analyst Willy Woo sees the situation a lot brighter for Bitcoin at the moment. According to the analyst, Bitcoin is forming a bottom and we clearly see that reflected in the price action. “We are back at the point in the cycle where the accumulation starts, right? People buy, they build a bottom in the price and volatility drops. We saw the same with the bottom of 2015 and 2018. Even the bottom of 2012 went this way. So yes, people are holding the price up because they want Bitcoin,” Woo said.
What really interested Woo was BlockFi’s recent bankruptcy. Initially, we saw a small pullback, but then all Bitcoin was quickly bought up at those rates. “Now we carefully break out upwards. I think we have a lot of buyers around this price,” Woo continues.
“If you see a lot of Bitcoin moving on the blockchain and the price is moving sideways, that is a sign of accumulation. That is currently going on and I will keep an eye on it. That’s why we’re going sideways. Although a price of 12,000 wouldn’t surprise me either. $ 10,000 is a price that everyone ‘wants’ and that is why I don’t think we will see that price anytime soon,” the analyst concludes.