Has Bitcoin FOMO Already Begun?
We’ve got a question for you.
By now, you probably know that Bitcoin (BTC) is arguably on the verge of a potential break out. However, the real question is; when will FOMO kick in? Or better yet, has it started already?
As the market begins to wake up and realise that the bull run could be back, a strong sense of fear of missing out or ‘FOMO’ has spread across the cryptosphere.
Many suggest that FOMO is in the air as this price rally has been accompanied by waves of speculators jumping in, fearful of losing out on the chance to capitalise. Many of these crypto enthusiasts are patiently waiting to buy Bitcoin back lower than $5,300 (it’s price only one month ago), but are coming to the troubling realisation that they have missed their chance and are stuck with buying Bitcoin at increasingly higher prices.
Among these speculators is the avid Bitcoin bull, Fundstrat’s Head of Research Tom Lee, who sashayed his SWAG at $10,000. In the context of this situation, Lee’s ‘SWAG’ relates to the military abbreviation for Scientific Wild Assed Guess [SWAG], which he uses to suggest the FOMO of those sceptics who anticipate a BTC 90% price crash. The last time Bitcoin broke $10,000 was in late November 2017, and within just a month, the price of Bitcoin had doubled to its all-time high of around $20,000. But what has been seen so far will diminish in comparison to a break of $10,000, which some believe is the all-important psychological price point that will once again draw the attention of the rest of the world to the leading cryptocurrency by market cap!
Further, Lee believes that the price point where FOMO could convert these pessimists into optimists is $10,000. Given that the price of Bitcoin has rallied so far this year a staggering 122%, and in light of the several five-figure predictions for Bitcoin come the end of the year, Lee might be proven correct sooner than expected.
To provide further market or community opinion, Lee posted a poll on Twitter, asking his followers at what price level they expected FOMO to kick-in. With just over 5,000 votes, 44% of the respondents supported Lee’s $10,000 prediction and 36% suggested that a new peak over the December 2017 ATH of $20,000 would be needed to bring in FOMO, while one-fourth of the respondents surmised that FOMO has already started again.
Will the $10,000 Bitcoin price level become the catalyst for widespread public FOMO?
Let us know what you think.
