One of Bitcoin’s oldest investors says that Bitcoin is due for a “FOMO rally” which could lead to new all time highs, possibly reaching $200,000 or more.
Bobby Lee, the former CEO of exchange BTCC on September 29, dismissed any suggestion that Bitcoin’s (BTC), was in danger.
Lee: Bitcoin is due for the next rally “for quite some time”
Lee, who later founded wallet manufacturer Ballet, is one of the growing number of sources remaining bullish on Bitcoin for Q4.
When asked about the dip to test the $40,000 support level, he replied that it was only a 5% decrease.
Bitcoin is hovering around $42,000 at the time this article was written. However, it can not only reclaim its all-time highs, but also go on to reach $100,000, $200,000, and even higher.
Lee suggested that this should happen before 2021, or at the very least, begin.
He said, “I believe you’ll easily reach $100,000 and depending on how sharp it is rallied, it’s also most likely to touch $200,000, or even higher.”
“Obviously, reaching $200,000 is a significant milestone. There will be lots of media coverage and that leads to what they call a “fear of missing out” rally. This happens only every few years. I believe a FOMO rally for Bitcoin is due long ago.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Waiting (until October) will bring you good things
Cointelegraph reported that September will disappoint bulls to the end. Only next month will offer more hope for a BTC bull run return.
Related: Is this another bubble? New research shows that Bitcoin prices have risen in line with Chinese debt cycles.
Upcoming obstacles include the Sept. 30th scheduled vote by Congress on the “infrastructure bill”, and the Oct. 1 expiry of the $3 billion options, which will occur immediately after the monthly close.
BTC’s current price drop to the mid-$30,000s is a hot topic. However, such an event will not last long and market sentiment will return to normal.
Michael van de Poppe, a Cointelegraph contributor, was also impressed by the price behavior of that day.
“Decent bounce today for Bitcoin. He noted that equity markets are also showing signs of improvement.