Lennix Lai is the Director for Financial Markets at OKEx. He was speaking with the crypto media reporters on the matter of Bitcoin price prediction for 2021. It should be noted that OKEx is one of the largest crypto exchange platforms in the world by trading volume and based in East African State Seychelles. The platform was established in 2019, and it now has 20 million registered users in more than 200 countries around the globe.
Talking to the journalists, Lai shed light on the retail and institutional market projections for Bitcoin and the crypto market in general. The executive also poured some light on the ongoing crypto clampdown in China and its impact on the crypto price and mining practices at large. At one point in the interview, Lai claimed that Bitcoin would regain the $60K price level before the end of 2021.
Bitcoin Bull Market is Alive
The most critical question for Bitcoiners at present is whether the bull market is still alive or not. After gaining almost $65K in April, Bitcoin prices have crashed down below 50%. According to Lai, the backward price correction is near its end. He further explained that the major contribution for the last rally was made by a massive increase in leveraged trading. Leveraged trading is done by involving brokers who borrow funds to amplify profit and loss for a particular asset class.
Lai opines that several trading indices showed an insane increase in crypto-based leveraged positions. In his opinion, the downtrend was put into effect by deleveraging, which resulted in a massive crash. In the end, he claimed that the bull market is alive while maintaining that there is still a lot of uncertainty in the crypto market. Lai believes that the Bitcoin price would get to $60K before the end of 2021, but the $100K stage would require some more years.
Lai claimed that the crypto mining clampdown in China is one of the most heavily discussed topics in the market. It should be noted that OKEx has a strong presence in Chinese territory. According to Lai, the Chinese government went ahead with its crypto ban that is mainly focused on mining enterprises. He explained that thus far, the traders in China are free to hold and trade cryptocurrencies with caution.
Speaking about the situation of crypto trading in Europe, he claimed that European crypto investors are more educated on the topic of blockchain in comparison to the Asian markets. He further added that the European traders approach virtual currency trading professionally. In the end, he claimed that it is highly unlikely that the government of China would impose a ban on crypto trading altogether.