Crypto veteran Bobby Lee says Bitcoin (BTC) is overdue for a massive FOMO (fear-of-missing-out) rally this market cycle.
In a new interview with Bloomberg, the former CEO of China’s biggest crypto exchange BTCC says that the timing of China’s latest crackdown on cryptos mirrors the 2017 market cycle shortly before Bitcoin rallied hard.
“The timing [of China’s recent BTC ban] is reminiscent of what happened in 2017 when the crackdown came in early September. And of course, we knew that Bitcoin prices rallied to a multi-year high at the end of 2017.
And this year is no different that with the crackdown now announced, the bad news [is] now out the way, [and] the market is reacting, processing, and digesting that information.
I’m very bullish on Bitcoin, especially for an end-of-year rally, a FOMO rally this year. So I expect Bitcoin prices to break out again in the next few weeks and months.”
Lee, who accurately predicted Bitcoin plunging 50% once it reached $70,000 or so, says that he expects BTC to “easily” surpass $100,000 this cycle. He’s also considering the idea of the king crypto reaching $200,000 before going on a euphoric, media-driven rally to further highs.
“I think it’ll easily go over $100,000 and then depending on how sharp the rally is, it’s also likely to even touch $200,000 or even go above that.
Going above $200,000 is a huge milestone, so there’ll be a lot of media coverage and that’s what leads to what they call a fear-of-missing-out rally… I think that a FOMO rally for Bitcoin has been due for a long time now.”
Bitcoin is exchanging hands at $41,859 at time of writing, a 7% decrease from its 7-day high of $45,083, according to CoinGecko.
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