Bitcoin’s Price and Crypto Market Heading Straight for “Full Blown” Level 10 FOMO: Fundstrat
- Bitcoin FOMO past “baby” and medium” levels and heading for the last level at $10,000
- “A price level only seen 3% of all days”
The last bull market that has Bitcoin going to $20,000 has been driven by FOMO “Fear of Missing Out” when Bitcoin started surging from less than $1000 at the beginning of 2017 to ending the year well above $19,000.
However, since then throughout the brutal winter of 2018, crypto market awareness and adoption grew while institutional investors also came rushing in. But FOMO still drives the BTC price to a certain extent.
According to Fundstrat, we are heading for level 10 that is full blown FOMO. At $6,950, we triggered the first level of FOMO termed “baby.” The “medium” that is at level 5 was hit when BTC price went approximately to $8,900 while in 2017 bull run this level was hit at $3,200.
While during the bull cycle of 2013-2017, the “full blown” FOMO was hit at $4,500, this time once we hit $10,000, we will reach the last level of FOMO that is expected to take us to the rally to new all-time highs (ATH).
Bitcoin bull and Fundstrat founder, Tom Lee explains,
“Actually the point of the chart is to say “real FOMO” probably starts when bitcoin exceeds $10,000 as that is a price level only seen 3% of all days.”
The $10,000 in the current Bitcoin market is mathematically equivalent to BTC exceeding $4,500 in 2017 that Lee says,
“was a level that indeed triggered FOMO.”
Recently, Lee had confirmed that crypto winter is over and shared 13 reasons to justify that. The points that make up these reasons include on chain transactions per day turning positive, Bitcoin Misery index crossing above 67 for the first time since August 2017, BTC price closing above 200 days first time since March 2018 and Bitcoin being bottomed out in December 2018 at $3,150.
Additionally, OTC volumes are surging, BTC printing a golden cross, and no effect of bad or negative news on the price of BItcoin among others like on chain activity and Grayscale Bitcoin Investment Trust premium are surging yet again, signaling we are out of the woods.