Bitcoin’s so-called FOMO rally has been long overdue to unprecedented peak highs that might reach 200K USD, according to one of its most seasoned investors.
In a recent interview with Bloomberg on the 29th of September, the former CEO of BTC China tossed out any suspicions that the price of Bitcoin was in a tight spot.
One of a growing number of sources remaining bullish on Bitcoin in the fourth fiscal quarter, Lee, who had gone on to find wallet manufacturing firm Ballet, denied recent reports of price weakness.
According to Lee when he was questioned about the recent dip in order to assess the 40K USD support level, it was merely a 5 percent drop.
In spite of going near 42K USD at the time of publishing, not only can Bitcoin reclaim its present peak highs, but it can also manage to reach 100K USD, 200K USD, or even more.
Lee indicated that this should occur, or begin, at the very least, before 2021 is over. He pointed to the fact that Bitcoin might go above 100K USD and based on how sharp the rally turns out to be, it is also liable to reach 200K USD or go even above that.
Lee holds the opinion that going above 200K is a considerable milestone, so a lot of media coverage is to be expected. That is what ends up being what they refer to as a FOMO (or fear of missing out) rally. It normally occurs once every few years, and according to him, a FOMO rally for Bitcoin has been long overdue.
As reported by a source, September was set to dissatisfy bulls throughout, with only the following month offering promising conditions for a rebound to the BTC bull run.
Approaching obstacles included September 30’s expected vote by the US Congress on the infrastructure legislation and October 1st’s 3 billion USD options expiry, this promptly succeeding the monthly close.
As of the present, a possible dip in price to the mid-30K USD range is a popular subject matter, with such an instance scheduled to not last considerably long before optimism manages to take over market sentiment once again.
In more recent news, Bitcoin happened to erase overnight gains on the 30th of September as unexpected issues at Bitfinex led to a mass outage.
