Bitcoin mogul who predicted China ban says ‘huge rally’ coming
The price of Bitcoin will soar towards $333,000 by the end of this year, according to leading Bitcoin entrepreneur and analyst Bobby Lee.
Lee, who owned China’s first ever Bitcoin exchange, BTC China, has made accurate predictions in the past, most recently warning of China’s ban on cryptocurrency transactions two months before it happened.
Now that the Chinese Government’s tough move has eventuated, he says it is “not the final nail in (Bitcoin’s) coffin” and investors shouldn’t panic.
“(The) mini flash crash that followed the Chinese PBOC announcement is just that: small, and short,” he posted on Twitter on September 24.
“Now that the China ban on Bitcoin exchange transactions finally happened, all of the China-related bad news for Bitcoin and crypto is public.
“It’ll set the stage for the end-of-2021 rally that I predicted 2018.”
That prediction was that the rally would “peak out” in December 2021 at US$333,000, before crashing back down to $41,000 in January 2023.
He has somewhat scaled back that prediciton now, saying the price rise to somewhere between $150,000 and $250,000, however, he says it’ll be “a huge FOMO (Fear of Missing Out) rally” and that $333,000 isn’t out of the question.