According to cryptocurrency industry veteran Bobby Lee, both Bitcoin BTC/USD and Ethereum ETH/USD will soon get back to their all-time highs, which were reached in November 2021.
In a recent interview, Lee said that as the current crypto market is facing a stiff downturn, he is optimistic about a market revival.
“I’m very bullish on Bitcoin and cryptocurrency. It’s just that I think the last time I was on the show, I was worried about the price. Then, in the short term, there was a price correction. And compared to then, Bitcoin and Ethereum have both come up more than 20% in price,” Lee said.
According to him, when Ethereum moves from the proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), it will trigger the crypto to move back to record highs.
Lee also said, “If the bear market doesn’t materialize, you could easily see Bitcoin and Ethereum go back up towards their previous highs, especially with this upcoming upgrade for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone’s anticipating it.”
Bitcoin has gained about 30% over the past five weeks, while Ethereum's price is up 95% during the same period of time. ETH reached the $2000 level on Saturday, for the first time since May 31.
At the time of writing, Bitcoin was trading at $24,532, up over 6% in the last seven days. Ethereum is at $1,986, up 17% during the previous seven days.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month