Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, has revealed during an interview he expects bitcoin to see a rally driven by fear of missing out (FOMO) by the end of the year that will take its price above the $100,000 mark.
During the interview with Bloomberg, Lee addressed China’s recent ban on cryptocurrency trading that saw trading platforms shut down in the country and noted the crackdown was “due for a long time now” and is similar to another crypto crackdown seen in 2017.
Lee noted that Proof-of-Work (PoW) mining operations have started moving out of China because of the crackdown, but noted staking may still be occurring in the country because it does not require hardware, so it’s much harder to track.
The cryptocurrency industry veteran added that China banning bitcoin was predicted earlier and the “hammer finally dropped.” Per his words, the bad news are “out of the way” and the market is now “processing, digesting that information.”
I’m very bullish on Bitcoin, especially for an end-of-year rally, a FOMO rally this year. So expected Bitcoin prices to break out again in the next few weeks and months… I think it will easily go over $100,000 and depending on how sharp the rally is it’s also likely to even touch $200,000 or above that.
Per Lee’s words, moving over the $100,000 mark will lead to “a lot of media coverage” that will introduce to the market a new rally fueled by fear of missing out from investors without exposure to the cryptocurrency space.
In late 2019, Lee also noted that he believed the price of bitcoin could reach $100,000 after its next bubble, at a time in which he was promoting the launch of his new crypto wallet Ballet.
In August 2018, Lee notably predicted that the price of the flagship cryptocurrency would surpass $60,000 by 2020. While his prediction was off, the cryptocurrency did surpass said mark earlier this year to hit a new all-time high near $64,000 before enduring a correction.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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