One of the oldest investors says Bitcoin (BTC) is long overdue for the “FOMO rally” to hit a new all-time high that could hit $ 200,000 or more.
In an interview with Bloomberg on Sept. 29, Bobby Lee, the former CEO of the BTCC exchange, dismissed any suggestion that the BTC price is struggling.
Lee: Bitcoin has hit its next rally “in a long time”
One of the sources of the fourth-quarter rise in Bitcoin price, Lee, who later founded wallet maker Ballet, dismissed the recent price weakness.
“It’s only a 5% drop,” he said when asked about the recent drop to test the $ 40,000 support.
Although Bitcoin was close to $ 42,000 at press time, Bitcoin has not only regained its all-time high, but has continued to hit $ 100,000, $ 200,000, or even more.
This, Lee suggested, should come, or at least begin, before the end of 2021.
“I think you would easily break through $ 100,000 and then, depending on how strong the rally is, also have the potential to hit $ 200,000 or even more,” he said.
“Of course, exceeding $ 200,000 is an important milestone so there will be a lot of media coverage and it’s what they call a ‘fear of missing out on the rally’ – it generally happens every few years and I think , a FOMO rally for Bitcoin has been around for a long time. “
Good things come to those who wait (’till October)
As Cointelegraph reported, September is expected to disappoint the bulls through to the end, with only next month offering more hopeful conditions for a return to the BTC bull run.
Related: Just Another Bubble? New research shows Bitcoin price is outperforming China’s debt cycle
The hurdles ahead include the US Congress’ scheduled vote on Thursday on the “Infrastructure Bill” and the $ 3 billion worth of options expiring on Friday immediately after the end of the month.
The drop in BTC price to a mid-range of $ 30,000 is a popular topic of conversation right now, but such an event won’t last long before optimism takes over market sentiment again.
Meanwhile, Cointelegraph employee Michaël van de Poppe was impressed by intraday pricing behavior.
“Bitcoin has gone up today. The stock market also recovered strongly, ”said Mr Note.