Bitcoin Inches from the Level Seen in Only 3% of History, It Will Confirm a New High Imminent: Tom Lee
- If BTC retest $9,800 again, we could break above to $10,000
- Once $10k is hit, FOMO to take us higher to $1 trillion market cap
Bitcoin is making a headway surging to $9,800 level. The world’s top cryptocurrency is up 162 percent till date in 2019 while currently in the green by 6.4 percent at $9,795.
After the brutal winter of 2018, the crypto market is back in the game as Bitcoin makes its journey from $3,150, the bottom of this market to just inches from $10,000.
Crypto trader and investor, Josh Rager says Bitcoin has hit his target level at $9,800 but he isn’t bearish yet. According to him, if the price continues to move back up to retest $9,800, then it is likely we would break this level and continue to uptrend to $10,000.
“Patience is key for now as a potential range starts to form on low time frame charts,” cautioned Rager.
$10,000 to Cause FOMO
This level is which will drive the FOMO and take us to a new peak as analyzed by Bitcoin bull and Fundstrat’s Tom Lee. In his latest Tweet, Lee explains how unlike most markets that need a “new high” to confirm a breakout, when Bitcoin trades at a price that is seen only 3 percent of its history, this confirms a new high for the flagship cryptocurrency imminent.
This level is $10,000 that will drive FOMO and we are just $200 away from hitting that and climbing higher.
This is Lee says what makes crypto different.
In most markets, a ‘new high’ is needed to confirm a breakout
But with #bitcoin, when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different.
This ‘3%’ is $10,000.
FOMO = $10,000
Currently $250 away from FOMO
— Thomas Lee (@fundstrat) June 21, 2019
Lee further wrote,
“Crypto holders is still a small universe. I know there are stats citing 35-50 crypto holders. For active investors, reality is probably closer to 500,000 or maybe as low as 35,000-50,000. It’s positive as it shows this is still early days.”
Bitcoin to Surge to a $1 Trillion Market Cap
If we talk about the high we would be seeing, a trillion dollar market cap looks like a real possibility. Recently, Josh Rager shared a log chart depicting the world’s top cryptocurrency’s parabolic rise.
During its 10 year cycle, Bitcoin saw a return of 318,864 percent in 2011 and then a return of 58,474 percent in 2014. Then during last year’s bull cycle, we saw a return of 11,960 percent.
As we can see the percentage of return keeps on decreasing dramatically, this time we could see a return of 2,392%, even still this potential return in 2022 could take us to $78,500 that would have Bitcoin reaching $1 trillion market capitalization.