Bitcoin is long overdue in its “FOMO rally” to record highs that could reach $ 200,000 or more, says one of the oldest investors.
In an interview with Bloomberg on September 29, Bobby Lee, the former CEO of the BTCC exchange, put forward any signs that the price of Bitcoin (BTC) is in trouble.
Lee: Bitcoin Was Waiting For The Next Long Rally
Lee, who subsequently found wallet maker Ballet, dismissed recent price weakness.
“It was just a 5% drop,” he said when asked about his last dive to test the $ 40,000 support level.
Despite hovering around $ 42,000 at the time of writing, Bitcoin may not only recover its current highs, but it can now go as high as $ 100,000, $ 200,000 or more.
Lee suggested that this should happen – or at least start – before the end of 2021.
“I think you can easily surpass $ 100,000, and depending on how sharp the rise is, it could also touch or even exceed $ 200,000,” he said.
“Obviously, going over $ 200,000 is a huge milestone, so there will be a lot of media coverage and this is leading to what they call ‘fear of missing’ rallies. This usually happens every few years and I think the shadow of the Bitcoin rally remains in place. For a long time. ”
One-day BTC / USD candlestick chart (Bitstamp). Source: TradingView
Good things come to those who wait (until October)
September is expected to disappoint the bulls by the end of September, as Cointelegraph reports, as more optimistic conditions emerge for a return to Bitcoin’s bullish trend only next month.
Related: Another bubble? Bitcoin price peaks follow China’s debt cycles, new research shows.
Upcoming hurdles include the scheduled vote of the US Congress on the “Infrastructure Act” on September 30 and the expiration of $ 1 billion out of $ 3 billion immediately after the monthly closure.
The fall of BTC in the middle of the century to $ 30,000 is currently a popular topic of conversation, but it is still planned that such an event will not last long before optimism prevails over market sentiment again.
Meanwhile, Cointelegraph shareholder Michael van de Poppe was impressed by Price’s behavior that day.
“Decent pullback for bitcoin today. He noted that stock markets are also doing well.