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?”
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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