Home Crypto Bitcoin Overdue for Big FOMO Rally, According to Crypto Veteran Bobby Lee

Bitcoin Overdue for Big FOMO Rally, According to Crypto Veteran Bobby Lee

Crypto veteran Bobby Lee says Bitcoin (BTC) is overdue for a large FOMO (fear-of-missing-out) rally this market cycle.

In a new interview with Bloomberg, the previous CEO of China’s largest crypto trade BTCC says that the timing of China’s newest crackdown on cryptos mirrors the 2017 market cycle shortly earlier than Bitcoin rallied arduous.

“The timing [of China’s recent BTC ban] is harking back to what occurred in 2017 when the crackdown got here in early September. And after all, we knew that Bitcoin costs rallied to a multi-year excessive on the finish of 2017.

And this 12 months isn’t any totally different that with the crackdown now introduced, the dangerous information [is] now out the way in which, [and] the market is reacting, processing, and digesting that info.

I’m very bullish on Bitcoin, particularly for an end-of-year rally, a FOMO rally this 12 months. So I anticipate Bitcoin costs to get away once more within the subsequent few weeks and months.”

Lee, who precisely predicted Bitcoin plunging 50% as soon as it reached $70,000 or so, says that he expects BTC to “simply” surpass $100,000 this cycle. He’s additionally contemplating the concept of the king crypto reaching $200,000 earlier than occurring a euphoric, media-driven rally to additional highs.

“I feel it’ll simply go over $100,000 after which relying on how sharp the rally is, it’s additionally seemingly to even contact $200,000 and even go above that.

Going above $200,000 is a big milestone, so there’ll be loads of media protection and that’s what leads to what they name a fear-of-missing-out rally… I feel {that a} FOMO rally for Bitcoin has been due for a very long time now.”

Bitcoin is exchanging arms at $41,859 at time of writing, a 7% lower from its 7-day excessive of $45,083, in accordance to CoinGecko.


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