The cryptocurrency market has underperformed in recent weeks, but market experts believe the bull market is still in play.
Ballet Crypto CEO Bobby Lee believes that the cryptocurrency market is still in a bullish cycle despite the recent correction. He mentioned this during a recent interview with Bloomberg as he was asked about Bitcoin’s performance.
Lee said the crypto space is still in a bullish cycle, but the cryptocurrencies are undergoing correction at the moment. Bitcoin dropped below the $50k level over the weekend, the first time it has dropped to that level since August.
However, Lee said it would be highly unlikely for Bitcoin to drop below the $40k mark during the correction phase. Bitcoin has bounced back from its earlier dip, and the leading cryptocurrency is now trading above $51k per coin.
Lee stated that he doesn’t think the bull market has peaked yet. For the market to peak, Bitcoin’s price has to double within a matter of days or weeks, the Ballet Crypto CEO added. However, that hasn’t happened yet.
Bitcoin’s price has been rising steadily since it crossed the $20k mark last year. BTC reached a new all-time high of $69,044 per coin last month but has been underperforming since then. Lee said he expects the peak of the bull market to take place in the coming months.
Bobby Lee attributed the massive decline over the weekend to long and short traders who caused massive sell-off in the market. He also attributed the recent price crash to the hack of the BitMart cryptocurrency exchange.
The crypto exchange was hacked, and it lost nearly $200 million to the attackers. Despite that, BTC and other cryptocurrencies have started to recover. At press time, BTC is trading above the $51k level per coin and could rally higher over the coming days and weeks.