According to senior analyst Bobby Lee, who is well-known in the crypto markets, there is a catalyst that triggers Bitcoin (BTC) and Ethereum (ETH) to hit all-time highs.
Renowned cryptocurrency analyst Bobby Lee said he predicts bullishness in Bitcoin (BTC), Ethereum (ETH) and the broader crypto market despite the recent drop. In an interview with a media outlet, Boby Lee said that if the predictions for a severe crypto winter do not come true, Bitcoin and Ethereum will easily return to their all-time highs recorded in November 2021.
The veteran crypto analyst says that Ethereum (ETH)'s upgrade, which involves the move from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS), will act as the catalyst that will allow the two cryptoassets to return to record highs. The crypto analyst says:
“I am very optimistic about bitcoin and cryptocurrency. I think I was worried about the price when I went on the show last time. There was a price correction in the short term. And compared to that time, both Bitcoin and Ethereum have increased in price by more than 20%. And I think it may be premature. bear market call. We'll soon see things change."
Analyst Lee also ascribed significant meaning to Ethereum's Merge upgrade, saying:
“If the bear market doesn't happen, you can easily see Bitcoin and Ethereum returning to their previous highs, especially with this upcoming upgrade for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone is predicting it. On the other hand, if there really is a bear market, it's short-term. "I think it's a one to two year relationship. And it's just to lay the groundwork for a big new super rally in the years to come."