Topic: It could take 6-24 months for Bitcoin to return to its level- Charlie Lee (Read 631 times)

From my point of view, I don't expect the bullrun for bitcoin waiting just around the corner, let alone seeing another ATH at the end of the year. But we don't need that as it would be detrimental to bitcoin because it will end up in absolutely the same crash. We need organic growth, steady and consistent, which would match the growth in bitcoin's application. We don't need rampant speculation anymore, at least not with bitcoin. If someone needs that, let them stick with altcoins, though I agree with you that the majority of altcoins are scams and they won't survive for long, apart from a few die-hard coins like doges and well-established coins like litecoin as their right to exist has been proven through years.

For altcoins, its going to be hard for them to recover because so many are competing and besides majority are scams anyways. Just look at the state of ETH right now, it has lost as much as 90% so its going to be a long road for recovery.

Bitcoin though is different, bulrun might be around the corner. Just one news will trigger a break out and who knows, we might see another all-time-high at the end of the year. There's still the ETF and Bakkt physical bitcoin future contract offerings as well.

I completely agree with your his opinion. For most of amateur investors, Bitcoin price will pump at the time you never imagine, and when you awake, it claim the top of price. So, you should spend a part of your fund to hold BTC and wait.

Many people give price estimates and explain to Bitcoin and other electronic money. I expect 3-6 months for a solid base of $ 10- $ 15k, with huge spikes to $ 30- $ 40k sometime during that time. Charle-lee like everyone else does nothing more than speculate on price. I do not think so, I think the price will start to rise and win the next stage

I believe it is a reasonable guess. We need to know that to restore the Crypto market is very difficult. Because this is a market where there is always manipulation and the value of each altcoins is unclear. Besides, there is too much bad news about Crypto that makes the recovery path more difficult than ever. so it takes a long time to get back to 20k $

But haven't we already established a pattern in the bitcoin behavior? In the beginning of a cycle bitcoin slowly rises, which looks like natural, organic growth, if these terms are ever applicable to speculative assets in general and bitcoin specifically. This lasts about a year or so, maybe a little less than that. Then a fast-growth phase starts, which lasts for 2-3 months within which bitcoin rises a few times. After that comes a crash and the price drops within a few weeks. And in the end of the cycle bitcoin stagnates for about a year and a half.

Now we are in the stagnating phase which is going to last for another 7-8 months, which will slowly turn into a slow but somewhat accelerating growth again. Figuratively speaking, we are in the "dark ages" now.

It could be bitcoin recover need 2 years. We saw in market right now too many coin and token, new coin always created with new feature and advantages. Investor will diversified their investment in several coin and token and i am believe market cap will recover again but bitcoin price need more time to recover for reach highest price again

I completely agree with you
ETF station is important but not all
Bitcoin is much larger and will pass this difficult test.

i would not be certain about the number of months it will take but i sure do know that it will take a long while before bitcoin powers back up in price  but one thing is for sure. it will not just come back up in price but it will moon at least 2x of its previous price.

I respected what Charlie Lee said which i also agree cause the market correction/manipulation damage happened for a long time and it will take acouple of months for the price to hit another ATH. However, I also want the OP to know that all altcoin creator are all bitcoin fan because it was bitcoin utility and potentials that inspire the birth of their altcoin creation.

You're wrong about that. There's no usually because Bitcoin does not have its usual behavior yet. We only had one big bull market followed by one big bear market. It took two years because the situation of Bitcoin was looking really bad with MtGox going bankrupt, so many cloud mining scams. Real mining companies going bust, China blocking bitcoin to fiat transfers. It was much worse than it is now.

actually no one will know what will happen in the coming year. but in my opinion the price of bitcoin this year and next year will continue to fall. because it's time to go down after rising high in 2017. and maybe the price will recover and rise higher after 3-5 years to come.

No, I don't think that because already this year is left and still 6-24 months is impossible and i'm sure that it will start rising within 3 months.

usually bitcoin bear market will be for more than 2 years even the last bear market is same period so we can expect slow growth in this period

I have learnt not to listen to any analyst or whatever about what Bitcoin will or won't do. They are the ones manipulating prices. In a way I'm for regulation so all these will stop.

I know charli lee how he works and his experience in cryptocurrency. I really do believe on what lee said that it could take more than a year for bitcoin to return on 10k price. This price might impossible this year but maybe next year bitcoin will grow and return to its level.

I don't think it can take that long for it to recover.. The rate which it use to drop down was very fast and not even up to 6 month's
So the rise of it cannot also get to that extend..  I just believe in a short period of time it will rise again to the moon 🌜

I do not think so, I think that the price will start to rise and win the rebounds from the next period

Charle-lee like everybody else is doing nothing more than speculating on price. Nobody knows what will happen

I presume 3-6 months for $10-$15k solid grounds, with a large spike to $30-$40k sometime in that period. A lot of people are going to lose again during the spike, because people just don't learn and are full of emotion.

May it will be recovered in some days also nothing we can confirm and say that bitcoin will be doubled in the market.

There are people looking to invest on the bitcoin and many investor side also people waiting to invest on the good amout fund over cryptocurrencies.
We may not assure this will be market trend today. Just have faith and hodl the coins for long time. It will take you to moon for sure.

I agree with his views. I think it will take a long time for Bitcoin's price recovery. Many people make price estimates and interpretations for Bitcoin and other crypto money. But I think the most sensible views come from Lee.

Bitcoin is not regulated by any government or private agencies. No one can determine when Bitcoin will return to  all time high reach during  December  2018. Irrespesctive of his prediction Bitcoin is like every other currency traded on the global forex market although is a good news for him to speak positively.

first of all Charlie Lee giving his opinion about bitcoin and its future price does not mean he has abandoned litecoin! it is quite the opposite. in fact Litecoin's future is tightly connected to bitcoin's as it is the copy of it and has always been following bitcoin both in development and in price.

secondly you are confusing a prediction with 100% accuracy as in seeing the future with a speculation based on market trends, history and a lot of other fundamental characteristics!

Very sad but it is true . I agree with Charlie that we have to wait for a long time to see Bitcoin return. I think the market must remove all shit coins, refresh the market so that our crypto market could be return

That's actually sad. Another 2 years of waiting for bitcoins to ever recover back to $20,000. Well, at least, there will be another chance to finally invest more on other coins and invest more on bitcoins since there will be lower prices per token for 2 years. Otherwise, I can still buy a lot more for 2 years.

Indeed, coin prices cannot be predicted precisely, market speculators give little influence to determine the value of coins. What reveals Charlie Lee is wise and gives us the understanding to be able to detect speculators themselves and arrange fate to be picked up.

Bitcoin and altcoin take a year to return to the current price, but just about 6 months is recovering, the digital money market is very attractive, the return will be like a lightning bolt

Sure it was baseless, but if you look at the state of crypto right now and compare it to lets say the bearish trend 2013-2015 there are a lot of similarities and we all know that it really takes years before we can even get up from the Mt.Gox or Silk Road and up to this this day, it still haunts us. I'm not saying that I. totally agree with Charlie, but personally, I see that its possible that we may have to endure this bearish trend longer than everyone has expected.

Has it never occurred to you that if whoever abandoned his own crypto, it is Satoshi himself? You don't even know who is him, or her, or they, and they haven't been seen for like 7 years already. And now you come up here with unfounded accusations obviously forgetting that those living in glass houses shouldn't throw stones.

You know who Charlie Lee is, he is not hiding in obscurity and under fictitious pseudonyms, up to a point where some people start to think that he is the Satoshi Nakamoto (though he declined such speculations), and he is open as far as generally acceptable about what he is up to. And now you blame him for abandoning litecoin. That's ridiculous.

This speculations from known people are baseless.. Bitcoin alone is very unpredictable anyone could speculate price increase tomorrow without facts back by it. Anyway im not against it.. I just hate baseless speculations specially from lite coin founder

How could you take a word from the Litecoin creator that abandoned his own crypto? What kind of person is he?
Bitcoin and other cryptos are volatile, it means no one could ever foretell what would be the precise price or trends it would be for the next period of time, it might go up tomorrow and drop down the next day, your investment could gain a hundred folds in some minutes or lose it's half in a second, that's how crypto works.

I respect this man opinion but cryptocurrency price is unpredictable. nobody know what will happen to bitcoin before the end of the year and i am very sure he follows the massive pump of bitcoin in 2018. if this happen again then I do not think it will take less than 1 month before bitcoin return to its highest price peak because we have witness how drastic the price of bitcoin can grow within few hours before bu just as I have said bitcoin price is totally unpredictable.

There's really no shortcut in crypto space, the best strategy is to buy and forget. I believe Bitcoin will break an all time high again this year since this market is slowly regulated that will make new investors confident. Past year was a fake hype, maybe this year will be the real demand and growth.

it is true that we can not predict bitcoin like that ever and it may take a short time to recover from a drop like it happened before or it may take longer. but at this point i believe that the shorter time is more possible because of two things. the first one is the fact that we have already hit the bottom and second one is because the market is so much bigger now and it makes things move a lot faster.

To be very honest, nobody can predict the future of btc and the whereabouts on the price. The only way to get moving is to buy at lows and sell at highs,, this is what many people do and even they are concerned in shorterm and few of them are concerned in long term. This way there is no specific time frame that can be speculated as its really not predictable.

The author of the article must've heard it wrong in the interview Charlie said sometimes three or four years. Anyways this is just a speculation it could take more than 6 months before the price can fully recover because there's probably a lot of investors that bought when the price was above $10k and holding it until now waiting for the price to go back up so they could profit or at least get back most of what they've invested.

It's more of a 60-40 than saying everyone was unhappy because there were people who bought during the peak but there were more people who sell to secure profits which caused the crash. In the end there were traders that were happy and vice versa.

I dont want another hype, I just want bitcoin to grow in a natural way.

You are right! Like I was thinking about this too. Because recently there was a $600B market crash, then all the prices of altcoin has been decreased. It’s a matter of worry too!

Predicting is not easy especially when we predict what will be happen in the future. I though even the creator of this system are felt hard to know what will be exactly be happen in the future. But even they said that it's been too long to reach bitcoins it's fully recovery again I believe that there will be the miracles happen anytime and there are a big possibility that it will rising up again and reach it's highest peak surprisingly that nobody knows and inform. Maybe it can be much possible to happen as sooner it can be when the adaptation and legalization of this system will occur sooner as it can and that is possible to happen when all of us are keep supporting it and embracing it.

The recent market crash made all the crypto investors so unhappy. All the recent accidents made too much frustration among the users. But there is always a hope that the market will come back soon.

This will not go so long, because its normal that there is always ups and downs occurs. It is just August now. There is a huge time to end this year. So you can not say this earlier! You never know what will happen next! May be some good day is coming!

By mentioning the level of Bitcoin if Charlie is indicating towards the 20,000$ mark of Bitcoin then I think it is very much possible for Bitcoin to reach 20k again within next 2 years but to be honest, I don't think his opinion matters much as he has already lost his credibility in the crypto space after making so many controversial moves.

That's what i always said when someone ask me when will bitcoin run smoothly. Bitcoin needs more than a year in order for it to stay on the average price, 10k. That may take a long time to happen but i am sure that that will happen. The drop of bitcoin now is just normal because no ones buying.

I eagerly support his opinion and view on the future of cryptocurrencies. The fall (or maybe even the fallout) of prices was kinda predetermined by the insane levels of speculation we witnessed in 2017. Now that speculation is on the wane, we should expect more adoption as prices become more stable. High volatility was the major roadblock to accepting cryptocurrencies by merchants and sellers. And while the price crashing 70-80% may be a huge pain, disappointment, or even disaster for those who bought at December highs and around those highs, for the real economy it can in fact be a good thing as prices are now closer to the "fair value" which reflects real application of cryptocurrencies.

These type of expert opinions don't excite me nor saddens me anymore. I have found most of these people are not actually conveying what they know rather they are trying to manipulate what we think about the market and the coins. This has been the case with all the expert opinions I have read online. Charlie is no different.

The cryptocurrencies market is a free market where there are no regulations or rules.
Even Satoshi Nakamoto can't predict the price of Bitcoin for the next month or even the next day.
What is sure, is that prices of some coins will rise (BTC, ETH, LTC...)

I don't think people will take Carlie Lee seriously anymore after he tried to manipulate his own Litecoin project by calling it a shitcoin. There have been a lot of experts who predicted the slump of Bitcoin to go below 4,000$ by the end of this year and now here we are, Bitcoin slowly recovering again towards the 10,000$ mark.

 I also think so it will not take a long time for reach bitcoin in level. The downward will not be stable for a long time. It will be a good news for the user and investor. So we don’t need be wait for a long time.

bitcoin has been getting out of the big bear market after one of the biggest drops that it  experienced in the pat ~8 months. so at this point it is understandable that it would be hard for some people to see and accept the fact that bitcoin is going way beyond $20k. everyone right now is too caught up in meaningless short term scenarios and are missing the big picture. the real potential that bitcoin has.
it is funny to think about how they were all talking about $100k not so long ago and they seem to have forgotten that

Of course, at the end the prices of cryptocurrency will always reflect it success and hopefully shame those who claim that cryptocurrency especially bitcoin as a scam. And it's obvious that what some of what self claimed cryptocurrency expert are doing is just mere speculations, some without visible prove. Though 6-24 months seems realistic but will can see more high price if there is more acceptance.

TL:DR;
summary, follow the hashrate and mining costs
ask yourself when do you think hashrates will be around >300exa

...
in 2013 the price jumped 10fold to an ATH . this was due to the overhype of certain things after new mining equipment triggered the rise.

after the 2013 peak it corrected down to at that time truer value due to the hype cooldown after mtgox.
prices went to $250(mtgox bottom) .. $400 and slowly moved to $600 'value' over the 2014

let me explain why
although the hashrate jumped by 200fold. oct 2013-august 2014
the COST to mine actually got cheaper. thus underlying value pulled down value from
oct 2013 GPU mining the network hashrate of 1 terra... costing $1kper btc
aug 2014 ASIC Gen1 mining the network hashrate of 200terra costing $225 per btc

even up to november 2015 the hashrate was still only double that of august 2014.. bringing underlying costs to near $500 per btc

so  that explains why there was a slump in 2014-2015 as asics got more efficient there was not much movement of the prices caused by a surge in mining costs. as there was no surge in mining costs  just a gentle increase as the balance between hashrate rises and asic efficiencies grew at a slow pace.
and no big drama speculation so prices remains low and near to the underlying value of botomline cost support
.....

but then came the terrahash mining generations which made the hashrates move up and also with the block reward halving caused the costs to rise. and underlying costs of 2016 came back to the realm of $1k per btc

...
and now in mid 2018 the underlying costs of mining are $6k per btc.. at 40exa

..
now although it only takes a 4fold hashrate(meaning 160exa) jump to bring S9(14thash) asics mining cost of btc to $24k..
 
new gen asics are just being released which counters todays state/forcast

the next gen where for the same electic and equpment value. the hashes can do about double the hashrate. meaning the hashrate has to be above 320exa to get the underlying costs/value to $24k if all asics are the new 7nm asics just being released now.

...
and so ill let you all now forcast the underlying value which for the last many years has been predictable to see the "bottoming out" support area no one wants to sell below.

but sorry no one can predict the next ATH caused by hype/speculation and emotions which can push prices above value sooner/higher than normal/progressive/natural value incline

good day to you all.

hashrate went from 7terra to 50terra in 1 year
at that rate it will be in the 350exa within a year
also note hyp/drama/speculation could bring the price spiking and correcting up and down within that time. but underlying value becoming $24k could be within the year

Charlie Lee is quite knowledgeable when it comes to dealing with crypto. So, this is indeed a great news for the people and the market. He seems to be in huge favour of BTC and has given some positive comments on it too. And he does believe that BTC has the potential to thrive in the future.

Charlie Lee he is a wise man and it is necessary to listen to him I am sure that he is right because he does not say that bitcoin for the year will grow to half a million dolar .

I'm also a bitcoin fan but I think 6 months is not a realistic period for a higher price jump.
The market is more stable and awareness of the benefits of the crypto currency is expanding globally, so it is inevitable that the price will go up...
Maybe I'm wrong, but I think this time the price will grow slower, without the big oscillations we attended in the past.

This is really a post of hope. This talk of the famous and experienced crypto specialist proves that bitcoin is a very much potential and it has great future. People should consider the crypto currency in this way when making comment about this.

The key point that i am taking from this is the long term point which Charlie Lee
is referring to. Even though it is a speculators market now i would agree that it
will be less in the long term.

I dont think there is "a price" for bitcoin and crypto, the price is determined by
a lot of factors and i believe when bitcoin goes to $20k and hovers there for
a number of months the same questions will be asked about the price.

When is it going to go up?
Why is the price only $20000?

Etc.

This is still a calculation, I have not determined when the bitcoin will return to their price. I find this statement is very vague and unbelievable as if it is not in the expected as What's going on?

This is really great news. This famous person who has a great deal of experience regarding the crypto has talked in favor of the bitcoin and he has shared his experience which indicates that bitcoin has a lot of potentiality to do great in future.

I think 6 months is much too early to see $20k again. Recovery when it comes will be slow and steady not a rapid spike back up to those heights. The next halving will probably be what will prompt that recovery.

Yes the recovery maybe like 2013 but now the prices were already dropping for 8 months since the beginning of this year so we are halfway through maybe the prices will start to recover once all the ETF got the decision.But for now the prices were very cheap and it maybe the last time we can buy the bitcoins for this price so don't make too late if you are planning to buy bitcoins.

He may be right, but it's easy to make a prediction like this one. If it was coming from the average Joe, like me, folks would say it's bullshit.

I still think the Bitcoin will never go back up to where it was in December.

On one hand, there are people who will sell their bitcoins once it reaches ~$15,000, thinking that it will never go above $20,000 and that it is wiser to sell it now in order to avoid a loss if the price still spits and $15,000 is already good.
And on the other hand, all the people who invested when the price was at $20,000 will also sell their bitcoins thinking that at least they will not have any financial loss.

In the end, many people will sell their bitcoins when the price is $15k or $20k, and maybe the majority will do so. In the end, what happens if everyone sells their bitcoin? We could, therefore, see the same scenario, the price will fall heavily, and once it goes back up history will repeat itself again and again.

This is a good thing to hear. Charlie Lee has stated how much he believes in the coin and has said nothing but good remarks about it. HE even believes that the future is bright for BTC

so far we are past the 6 months mark with a little less than 8 months of down time with no major rises and about 2 months of this 8 has been near stability price close to the bottom. so we may very well be at the end of the period which bitcoin required for its "recovery".
there is only one roadblock remaining and that is ETF, and I believe that as soon as we get past that we can start getting back on track.

Bitcoin is really unpredictable and it cannot be said precisely how much time it will take to get back to its level. Hopefully it will take the minimum time possible and bounce back soon and initiate a bull market.

One of the cryptocurrency creators that had an early foresight on what cryptocurrencies will be to the world in the nearer future is Charlie lee, the former Google engineer who also worked with Coinbase, before leaving the later to focus on his created crypto litecoin, that could be mined.

In recent times, he said that everyone should try and own at least one bitcoin and in another commented that was widely published online, he said that bitcoin is the gold of cryptocurrency which could suggest that he is a bitcoin fan.

In a chat he had with CNBC which has a good inclination concerning crypto coverage, he was asked some question about plans to buy back litecoin which he sold out late last year and early this year, due to criticism, bitcoin crash and his prediction when when to expect a bitcon rise.

Commenting on what the value of bitcoin is presently and when he feels it could rise past the highest price of $20089 which it reached in Dec 2017, he said,


In answering question on what the present prices of different cryptocurrencies says about their future and usage, Charlie Lee said,


Source: https://zycrypto.com/it-could-take-6-24-months-for-bitcoin-to-return-to-its-level-litecoin-creator-charlie-lee/