Fear of missing out (FOMO), the fear that Bitcoin price may not dip again as an opportunity to buy the asset has been expected as the asset appreciates, but it is not known when it will arrive.
Bitcoin had been through a lot of tough times in 2018 but things have turned around and it started appreciating in early April.
Many intending buyers did not buy the crypto asset even in December 2018 when it hit the $3,200 bottom, because the expected it to go lower. And now today, per CoinMarketCap, the $BTC exchange rate value in USD touched $8,250:
Even the sudden surge the asset started experiencing in 2019 was not enough evidence to some people that the bottom was in and the bear market was officially over.
As the surge continued however, some started buying in order not to miss the train, while others are still expecting another pullback before they can buy. It may seem though, that their expected opportunity may never come, and that is a reason for FOMO to set in.
The asset has broken through many key resistances which analysts said would be difficult and has been rated as best performing asset in 2019 already.
With all the “damage” that Bitcoin has done to the stock market this year and more that is to come, a good number of the crypto community believe it is too early for FOMO.
According to a Twitter poll conducted by Fundstrat’s Tom Lee, 45% of over 7,000 respondents think the FOMO is yet to start until Bitcoin hits $10,000. Only 22% think there is FOMO already, but whichever is the case, FOMO will still come if the price keeps going up and never down.
Some analysts have said the price of Bitcoin was going to pullback after breaking the $6,000 resistance. This may be the basis of some people’s expectation for a dip as an opportunity, but recent market events have suggest that Bitcoin has not been playing according to the rules and analysts as well as crypto experts are appalled with what is going on.
Bitcoin rose from just over $7,000 to over $8,000 in a matter of hours yesterday and the trend may continue today. If it does, we might be hitting $10,000 much sooner than most people think and by then, those holding back will have lost a significant potential gain if they had bought at the earlier prices.
Are you still waiting too?
Bitcoin’s price is $5,939.26 BTC/USD exchange rate today. The real-time BTC market cap of $108.65 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $5.07 Billion and live coin value change of BTC -4.77 in the last 24 hours.