Bobby Lee, the co-founder and former CEO of the former Chinese cryptocurrency exchange BTCC, predicts that bitcoin would further fall in price. But in 2019, he sees opportunities for bitcoin's growth.

Below $3000

In January 2019, the price of bitcoin could fall as low as to $2,500. Bobby Lee drew an analogy with previous falls in the cryptocurrency market. Thus, in December 2013, after bitcoin reached a historic high of $1,200, it lost 87% of its value and fell to $150 in January 2015.

 

In the attached survey, he invited his Twitter subscribers to vote on how they see the future of the bitcoin price.

39% of almost 4,800 respondents believe that bitcoin will not stop at $2,500 and fall below this level. 27% agreed with Lee's forecast.

Bet made

Meanwhile, on 28 December, the call options with a strike price of $50,000 per BTC are set to expir. An unusual bet was made in December 2017, when bitcoin grew rapidly and almost reached $20,000. Blocktower Capital cryptocurrency hedge fund purchased 275 call options for $3,600 each, with the total price of options reaching $990,000. Thus, the fund bought call options that allow it to purchase 275 BTC at a price of $50,000 per bitcoin, if it rises to this level.

For the contracts to retain any value at expiry, Bitcoin would need to rally more than 1,400 percent.