• Long overdue Bitcoin ‘FOMO rally’ that could push BTC above $200K — Bobby Lee

  • According to one of Bitcoin’s oldest investors, the cryptocurrency is overdue for a “FOMO rally” to new all-time highs, which could reach $200,000 or more.

    Bobby Lee, the former CEO of the BTCC exchange, dismissed any suggestions that the BTC price was in trouble in an interview with us on Sept. 29.

    Bitcoin has been due for a “long time” to rally, according to Lee.

    Lee, who later went on to found wallet manufacturer Ballet, was one of an increasing number of sources who remained bullish on Bitcoin for Q4.

    When asked about the recent drop to test $40,000 support, he said, “It was only a 5% drop.”

    Despite being hovering around $42,000 at the time of writing, Bitcoin is expected to not only reclaim its previous all-time highs, but also to reach $100,000, $200,000, or even higher.

    This, according to Lee, should happen, or at the very least begin, before the end of 2021.

    “I believe you will easily go over $100,000, and depending on how strong the rally is, you will likely touch $200,000 or even go higher,” he predicted.

    “Obviously, breaking through $200,000 is a huge milestone, so there will be a lot of media coverage, which leads to a so-called ‘fear of missing out’ rally — this happens every few years, and I believe a FOMO rally for Bitcoin has been overdue for a long time.”

    Those who wait (until October) will be rewarded.

    Bulls are expected to be disappointed until the very end of September, with only the following month offering more hopeful conditions for a return to the BTC bull run.

    The United States Congress is scheduled to vote on the “infrastructure bill” on Thursday, followed by the expiration of $3 billion options on Friday, both of which occur immediately after the monthly close.

    A BTC price drop to the mid-$30,000 range is a popular topic of discussion right now, but such an event is unlikely to last long before optimism returns to the market.

    Contributor Michaal van de Poppe, on the other hand, was impressed by the day’s price behavior.

    “Bitcoin has had a decent bounce today. “Equity markets are also doing well,” he added.

    What's your reaction?