Ballet CEO Bobby Lee Hints ‘Crypto Spring’ Is Coming

As the cryptocurrency marketled by Bitcoin (BTC), begins to consolidate its recent gains, many participants in the crypto domain are increasingly confident about its future moves, including Bobby Lee, the founder and CEO of the crypto wallet the firm Ballet, which believes that the industry is about to thaw.

Indeed, Lee discussed Bitcoin trends, as well as the appeal of cryptocurrencies as a flagship of decentralized finance (Challenge) asset had crossed the psychological threshold of $30,000, arguing that signs are visible of the start of the crypto winter, in the interview with Bloomberg Television aired April 17.

As he explained, the first digital asset established a bear-bull chart template it happened in cycles of about four years, and this same pattern happened recently:

“We are finally seeing the signs of a potential spring, coming out of winter. It was a long time ago. Crypto has these four-year cycles of ‘bull market – bear market.’ And for much of the last year, we’ve seen the bear market take Bitcoin down to $16,000. And now we’ve almost recovered a bit. It nearly doubled and recently peaked at $31,000.

Crypto vs Banks

As one of the reasons for the increased interest in crypto assets, Lee pointed to the recent bank which made many people realize that “when their money is in the bank, it’s not necessarily always there because the money is lent to other businesses and other businesses” and that “no bank is actually immune to a bank run.

On the other hand, he argues:

“With cryptocurrency, you have the concept of self-custody. You can actually be your own bank and you can own yourself without third party or counterparty risk. And that’s what makes cryptocurrency like Bitcoin very, very special.

Because of its divergence from tradition financeLee believes that crypto “should be viewed as a safe haven in the sense that [it] is very different from the tradition of fiat money and fractional reserve banking.”

bitcoin price analysis

Meanwhile, Bitcoin was changing hands at press time at a price of $29,661. That’s down 2.02% in the last 24 hours, but still up 4.62% on the week and 7.99% on the previous 30 days, as charts from April 17 show.

30-day Bitcoin price chart. Source: Fineball

Notably, other indicators pointed to a bullish future for Bitcoin, including the Bitcoin Rainbow Chart. If the asset follows past patterns, the chart indicates that it could breach the $100,000 barrier in the following months or by the end of 2023.

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Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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