In an interview with CNBC, an experienced cryptocurrency trader said that the state of the cryptocurrency industry gives little reason to hope for a bullish trend.. Bobby Lee believes that the massive growth of the market will have to wait a long time. “I think we'll keep falling for another year or two. Most likely, growth will have to wait until the end of 2024 or the beginning of 2025.. Of course, time will tell, it is now very difficult to predict and talk about when bitcoin will hit the bottom,” Li said. The analyst stressed that bitcoin performs much better than other assets amid the fall of the FTX cryptocurrency exchange. Many tokens lost 50% of capitalization after the FTX bankruptcy began, but Bitcoin itself fell only 20%. One of the “bullish signals” should be faith in the cryptocurrency market, and it can only come with high-quality regulation of the industry, the trader is sure: “I have always spoken in favor of tighter regulation. But, I emphasize, only cryptocurrency companies need to be regulated, and not the coins themselves, because the asset itself is inert. Cryptocurrencies are commodities like gold and silver. No regulation will change the chemical composition of gold, just as no regulators can change the essence of bitcoin. But we can and should regulate digital asset companies, especially those that provide custodial services and store cryptocurrencies for other people.” Analyst Benjamin Cowen has previously expressed a similar point of view.. According to him, bitcoin will grow soon, but a bullish rally should be expected only at the end of next year.
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Bobby Lee: “The cryptocurrency market will return to growth in a year or even two”
