Last week, many best cryptocurrency news sites reported the situation about Bitcoin flirting with the $9,000 level for the first time in a year. This has led one of the major bulls of the industry, Fundstrat’s Tom Lee, to talk about the Bitcoin FOMO and cite data which suggest that the point of no return is here.
Data from Fundstrat has revealed that when the value of BTC crosses the $10,000 barrier, the Bitcoin FOMO blows the way. Labeled as the ‘Level 10 FOMO’, this represents the equivalent value at which Bitcoin has surged in the past.
For the ones of you who don’t know, FOMO is basically a shortcut for the “fear of missing out” which is one of the reasons more people are entering the crypto market and hence improving the price of Bitcoin.
— Adam Samson (@adamsamson) May 29, 2019
Then, the Bitcoin bull Tom Lee made an appearance in order to cool Samson’s willingness – but confirmed the conclusions drawn from the data. As Lee wrote:
“Actually the point of the chart is to say “real Bitcoin FOMO” probably starts when BTC exceeds $10,000, as that is a price level only seen 3% of all days… …Mathematically equivalent to exceeding $BTC $4,500 in 2017. Looking back, that price was a level that indeed triggered FOMO.”
Seeing the Bitcoin charts from 2017, we can see that $10,000 was a clear turning point – and a point at which the Bitcoin FOMO was increasing. However, Lee’s data fails to take some fundamental factors into account such as the launch of the CME Group’s Bitcoin futures which helped the rally big time.
Still, the full-blown Bitcoin FOMO mentioned by Tom Lee could become a self-fulfilling prophecy. Even though not everyone agrees with Lee’s numbers, the FOMO levels are definitely a hot topic on many altcoin news sites right now.
“Exceeding 4500 in 2017 was an ATH. As was anything above 1100 during 2017. Comparing them retroactively with a 3% metric is false equivalency. The real comparison for 4500 in 2017 would be btc @ ~77,000 today,” a user named @John Silvestro tweeted.
Other users have agreed with this skeptical take. One of them was a user called @Dumb Genius who also touched the Bitcoin FOMO topic, writing:
“Why wouldn’t Level 10 FOMO for this cycle be around $80K (4x the top of the previous cycle) similar to $4500 (4x of ~$1100)? Is Level 10 FOMO being front run by a factor of 8x? And if that’s the case, will the bubble top percentage of this cycle then be significantly higher?”
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
Bitcoin Goes Below $8,000 Overnight: What Is The Reason?
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
Join us on Facebook
- Europol Aims To Improve Blockchain And Crypto Knowledge
- Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers
- New Banknotes Help Venezuela Set A Bitcoin Trading Record
- Bitmain Sues Three Former Employees Who Founded Rival Mining Pool
- Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News3 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Bitcoin News3 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News4 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Altcoin News1 day ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
Bitcoin News4 days ago
Call Center Scam From India Steals $1.7 Million In Bitcoin
Altcoin News3 days ago
Crypterium Launches A Global Crypto Payments Card
Altcoin News3 days ago
Bitcoin’s Worth Goes Beyond $8,500, Most Of The Altcoins See Loses