This Analyst Believes Bitcoin and Ethereum Will Soon Hit All-Time Highs: Here's Why

According to cryptocurrency industry veteran Bobby Lee, Bitcoin BTC/USD and Ethereum ETH/USD will soon return to their all-time highs, which were reached in November 2021.

In a recent interview, Lee said that since the current crypto market is facing a steep decline, he is optimistic about a market recovery.

"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 that time, both Bitcoin and Ethereum are up more than 20% in price,” Lee said.

According to him, when Ethereum moves from proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), it will trigger the crypto to return to all-time highs.

Also read: This Crypto Analyst Predicts Price Bounces for Bitcoin and Ethereum: Here's How Far They're Going

Lee also said, “If the bear market does not materialize, you could easily see Bitcoin and Ethereum rally back to their previous highs, especially with this upcoming update for Ethereum. This is very important for the cryptocurrency ecosystem. Everyone anticipates it."

Bitcoin has gained around 30% over the past five weeks, while Ethereum's price has increased by 95% over the same period. ETH hit the $2,000 level on Saturday, for the first time since May 31.

As of this writing, Bitcoin is trading at $24,532, up more than 6% in the past seven days. Ethereum is at $1,986, up 17% over the previous seven days.

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