Bitcoin ‘FOMO rally’ long overdue that could see BTC price top $200K — Bobby Lee

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Bitcoin is lengthy overdue for a “FOMO rally” to new all-time highs that might contact $200,000 or extra, say considered one of its oldest traders.

In an interview with Bloomberg on Sept. 29, Bobby Lee, former CEO of alternate BTCC, cast aside any suggestion that the value of Bitcoin (BTC) was in bother.

Lee: Bitcoin has been due for subsequent rally “for a very long time”

One in all an growing variety of sources staying bullish on Bitcoin for Q4, Lee — who went on to discovered pockets producer Ballet — dismissed latest value weak spot.

“It was solely a 5% drop,” he mentioned when requested concerning the latest dip to check the $40,000 help degree.

Regardless of hovering close to $42,000 on the time of writing, Bitcoin can’t solely reclaim its current all-time highs however go on to hit $100,000, $200,000 or much more.

This, Lee instructed, ought to come — or not less than start — earlier than 2021 is out.

“I believe you’ll simply go over $100,000, after which relying on how sharp the rally is, it’s additionally more likely to contact $200,000 and even go above that,” he mentioned.

“Clearly, going above $200,000 is a big milestone, so there’ll be a number of media protection, and that’s what results in a what they name a ‘worry of lacking out’ rally. Usually, that occurs each few years, and I believe a FOMO rally for Bitcoin has been due for a very long time now.”

BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView

Good issues come to those that wait (until 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 embrace Sept. 30’s scheduled vote by the USA Congress on the “infrastructure invoice” and Oct. 1’s $3 billion options expiry, this instantly following the month-to-month shut.

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A BTC value dip to the mid-$30,000s range is a well-liked speaking level at current, with such an occasion nonetheless slated to not final lengthy earlier than optimism takes over market sentiment once more.

In the meantime, Cointelegraph contributor Michaël van de Poppe was impressed with value conduct on the day.

“First rate bounce of Bitcoin at this time. Fairness markets additionally bouncing properly,” he noted.