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Crypto old-timer and former head of China’s largest cryptocurrency exchange BTCC, Bobby Lee says that Bitcoin is bracing itself for a significant FOMO (fear-of-missing-out) rally.
Appearing on Bloomberg this Monday, the ex-BTCC Chief Executive Officer commented on China’s renewed crypto crackdown and said that it closely resembles the 2017 market cycle just before Bitcoin started rallying hard. Lee expects this to happen again, soon.
“The timing 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 now out the way, and the market is reacting, processing, and digesting that information. I am 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.”
Furthermore, Lee, who also predicted Bitcoin’s latest 40% drop, said that he expects Bitcoin to “easily” make it past $100,000 this cycle. He is not even ruling out that the top cryptocurrency will reach $200,000 before skyrocketing completely, powered by global media coverage.
“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.”
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Earlier this year, Lee said that Bitcoin will “do just fine without China”.
“Unfortunately trading crypto will be a thing of the past, once you get past this year. And in a way it’s a good thing for crypto because in my heart, I always knew that Bitcoin’s success never depended on China. Just like it doesn’t depend on any one country, any one group of people.”
At time of writing, Bitcoin has gained grounds and is trading at $43,629, up 3.5% in the last 24 hours, according to CoinMarketCap data.