SFOX Research Team: Holiday’s Trigger FOMO, Independence Day Bitcoin (BTC) Surge Coming?
- SFOX discovered a trend where holidays within bounds of bitcoin bull runs correlate with temporary upswings in price
- As the current bull run continues and major holidays take place, FOMO could trigger this time as well
Bitcoin is enjoying an uptrend yet again after sliding to $9,600 earlier this week. The leading cryptocurrency even broke above $12k today.
Currently with 24 hours gains of 2.14 percent BTC/USD is trading at $11,614 with a trading volume of $2.58 billion on ten exchanges with real volume.
But as we yet again approach the weekend and on top of that, Independence holiday, could prices surge to a new 2019 high?
According to the latest report from the SFOX research team, yes we could.
July 4th is Independence Day in the US, a time for celebration and #fireworks (day off from work, hopefully).
Happy 4th 🇺🇸! pic.twitter.com/RzDfWmewXa
— Thomas Lee (@fundstrat) July 4, 2019
Holidays within bounds of pronounced bitcoin bull runs, the research found may correlate with temporary upswings in price which potentially could be due to FOMO.
A New Wave of Fear Missing Out
During the last phase of the 2017 bull run, between November 12th to December 17th, we saw Bitcoin price increasing by 218 percent, going from about $6,000 to over $19,000.
The narrative surrounding this unprecedented bull run has been that many people heard about Bitcoin for the first time over Thanksgiving dinner. The Luddites apparently asked their tech-savvy family members about this Bitcoin that they saw on mainstream news and how they could purchase some for themselves.
And as we already know, Retail investors played a huge role in the bull cycle as unlike today, institutional investors were all but absent from the space.
Holidays are when families get together and
“when holidays fall during significant uptrends in the price of bitcoin, it’s possible that they may introduce a new wave of fear of missing out, or FOMO, to the marketplace.”
Holidays Renews Retail Interest in Bitcoin & Crypto
Bitcoin’s peak to about $20,000 coincided with Christmas and New Year’s Eve. By the time we reached mid-January, the price was back at $10,500. A similar phenomenon took place in February 2019 during two-week Spring Festival celebrated in China.
These holiday-based price fluctuation is further corroborated by Google’s search volume data. During the winter of 2017, US search volume for the term bitcoin spiked in the days following Thanksgiving, Christmas, and New Year’s.
This research says the interest in Bitcoin spiked first time after Thanksgiving conversation, then on Christmas when people were looking to gift BTC. A similar trend could be seen in China’s search volume for Bitcoin during 2019 Spring Festival.
So, when the market is already doing well, holidays the report says have the potential to drive renewed retail interest in Bitcoin and crypto.