Bitcoin Foray Past $10,000 Unleashes FOMO
Ever since Bitcoin (BTC) passed $10,000 on Friday or on Saturday morning (depending on what time zone you’re in), there’s been a buzz felt within the cryptocurrency community.
Investors are euphoric, mainstream media coverage (CNBC, Bloomberg, Forbes, Financial Post, Reuters, etc.) is back, and cynics are beginning to double-down on their hate for BTC — a telltale sign that they’re experiencing disbelief.
This isn’t blatant postulation. As crypto-centric analytics service The TIE points out, once Bitcoin moved past $10,000 for the first time since March 2018, the number of BTC-related tweets spiked. In fact, the analysts at The TIE suggest that on June 22nd, there were over 50,000 Bitcoin-related tweets — the highest this figure has been in 489 days (February 20th, 2018).
In previous analyses, the firm has also indicated that sentiment regarding Bitcoin is on the rise too, with a majority of tweets mentioning the cryptocurrency containing bullish keywords. This, too, bodes well for bulls.
At the same time, the 22nd saw BitMEX register its highest volume day in its history — crazy. The pairs on the mercantile exchange, known for its offering of 100x leverage, traded over $8 billion worth of value — then accounting for 10% of all volumes registered on Coin Market Cap.
Considering that Bitcoin has already seen some zany days this year and last, the fact that this most recent rally, which brought BTC from $9,200 to around $10,400 in a day’s time, resulted in monumentally large volumes only corroborates the validity of this uptrend.
What’s also important is that search interest for “Bitcoin”, as defined by Google, has begun to trend higher yet again after petering off in early-June. Interest is still about 20% from the all-time highs seen in early-May, but this trend is a sign that BTC is returning to the mainstream spotlight after a year of non-action.
These key sentiment & interest statistics, in the eyes of many analysts, confirm that at long last, the so-called “fear of missing out (FOMO)” is starting to materialize in this market once again. The last time this occurred on a large scale was seemingly in late-2017, which was when BTC was well on its way to $20,000 on the back of hype, hype, and more hype.
So, now that we have established that the move past $10,000 unleashed FOMO in the underbelly of the cryptocurrency market, what’s a fair price target?
According to Tyler Winklevoss, one of the two titular twins of “The Bitcoin Billionaires” and the co-founder of Gemini Exchange, $15,000 is in Bitcoin’s short-term scopes. Per previous reports from this very outlet, the Winklevoss brother claimed that once the cryptocurrency surmounts $10,000, “you can be it’s going to break $15,000.”
Some, however, have been even more optimistic. Thomas Lee of Fundstrat fame once opined that there will be a “fast and furious” move to $20,000 following a break and close above $10,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.
Photo by Ian Schneider on Unsplash