Cryptocurrency veteran Bobby Lee is forecasting when the crypto and Bitcoin (BTC) bear market might finish, warning merchants it would take years.In a brand new CNBC interview, Lee says that the crypto market will stay bearish for the foreseeable future earlier than a turnaround in about 24 months.“I believe it’s going to be fairly bearish for the subsequent yr or two.Personally, I predict the bull market will come again in most likely two years’ time. Certainly, by late 2024, will probably be two years from proper now, and definitely by early 2025.But time will inform. It’s onerous to pin down precisely when this bear market will backside out.”According to Lee, Bitcoin has fared comparatively higher in comparison with different crypto property after the implosion of the FTX trade.“We’re positively in the bear market after the FTX collapse final month. All of crypto has actually come down so much. Bitcoin has held itself comparatively regular.It solely has come right down to 10-20% and the remainder of crypto has gone down 50%. Numerous the crypto tokens have gone down a lot a lot decrease.”To regain belief and confidence in the digital asset trade, the Bitcoin veteran says extra regulation is required for crypto firms however not cryptocurrencies.“I’m all the time a proponent of extra regulation in the crypto market once more. Just to be clear, I’m speaking about the regulation of firms round the cryptocurrency market and never the regulation of the asset itself as a result of the asset itself is inert. It’s simply what it’s. It is a commodity identical to gold and silver.No quantity of regulation can change the chemical composition of gold or silver. And similar factor, no quantity of regulation can change the composition of Bitcoin itself.However, what we will regulate and we must always regulate are the firms that do enterprise with cryptocurrency particularly those who do custodial providers or retailer cryptocurrency for different folks.”IDon’t Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inboxCheck Price ActionFollow us on Twitter, Facebook and TelegramSurf The Daily Hodl MixCheck Latest News Headlines Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any excessive-threat investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet online affiliate marketing.Featured Image: Shutterstock/Taves/ModvectorI
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