Bitcoin Overdue For FOMO Rally That Could Take It To $200,000, Says Bobby Lee

Apex cryptocurrency Bitcoin BTC/USD is overdue for a fear-of-missing-out (FOMO) rally, according to cryptocurrency industry veteran Bobby Lee.

What Happened: “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, the founder and CEO of Ballet Crypto wallet, said in an interview with Bloomberg.

See Also: How To Buy Bitcoin (BTC)

Lee said that as the bad news of China’s recent ban on cryptocurrencies is now out of the way, the market is reacting, processing and digesting the information.

Lee added he expects Bitcoin to easily surpass $100,000 this cycle and probably even touch $200,000, depending on how sharp the cryptocurrency’s rally is.

Why It Matters: Lee, who is also the co-founder of China-based BTCC crypto exchange, had predicted in March that Bitcoin will reach $100,000 this summer and even reach $300,000 if historical cycles were to repeat.

Bitcoin’s year-to-date gains are 45.9% but the cryptocurrency is down almost 33.9% from its all-time high of $64,863.10 reached in April this year.

Price Action: Bitcoin is up 1.4% during the past 24 hours, trading at $42,944.22 at press time.

See Also: If You Bought $1,000 In Bitcoin When China Imposed First Ban In 2013, Here's How Much You'd Have Now