Next bitcoin crash will wipe 90% from price and cause ‘crypto winter’, expert warns

The next major bitcoin price crash will wipe up to 90 per cent from its value and cause it to stagnate in a years-long “crypto winter”, a market expert has warned.

Bobby Lee, founder of cryptocurrency exchange BTCC, predicted that bitcoin could rise a further 500 per cent before the market downturn takes place, building on the massive gains it has experienced over the last year.

Last March, the value of bitcoin had just halved following a series of flash crashes, in part sparked by the coronavirus pandemic. A year later, its price has risen by more than 1,000 per cent, and is currently trading just a few thousand dollars shy of its all-time high of $61,000.

The rally is not unprecedented – there were even greater percentage gains in 2013 and 2017 – though the final destination remains unclear.