Bitcoin is long overdue for a “FOMO rally” to new all-time highs that could touch $200,000 or more, say one of its oldest investors.
In an interview with Bloomberg on Sept. 29, Bobby Lee, former CEO of exchange BTCC, cast aside any suggestion that the price of Bitcoin (BTC) was in trouble.
Lee: Bitcoin has been due for next rally “for a long time”
One of an increasing number of sources staying bullish on Bitcoin for Q4, Lee — who went on to found wallet manufacturer Ballet — dismissed recent price weakness.
“It was only a 5% drop,” he said when asked about the recent dip to test the $40,000 support level.
Despite hovering near $42,000 at the time of writing, Bitcoin can not only reclaim its existing all-time highs but go on to hit $100,000, $200,000 or even more.
This, Lee suggested, should come — or at least begin — before 2021 is out.
“I think you’ll easily go over $100,000, and then depending on how sharp the rally is, it’s also likely to touch $200,000 or even go above that,” he said.
“Obviously, going above $200,000 is a huge milestone, so there’ll be a lot of media coverage, and that’s what leads to a what they call a ‘fear of missing out’ rally. Generally, that happens every few years, and I think a FOMO rally for Bitcoin has been due for a long time now.”
Good things come to those who wait (till October)
As Cointelegraph reported, September is expected to disappoint bulls until the end, with only next month providing more hopeful conditions for a return to the BTC bull run.
Related: Just another bubble? Bitcoin price tops follow Chinese debt cycles, new research shows
Upcoming hurdles include Sept. 30’s scheduled vote by the United States Congress on the “infrastructure bill” and Oct. 1’s $3 billion options expiry, this immediately following the monthly close.
A BTC price dip to the mid-$30,000s range is a popular talking point at present, with such an event nonetheless slated to not last long before optimism takes over market sentiment again.
Meanwhile, Cointelegraph contributor Michaël van de Poppe was impressed with price behavior on the day.
“Decent bounce of Bitcoin today. Equity markets also bouncing nicely,” he noted.