Bitcoin Price Might Be Due for Pullback as FOMO Kicks into High Gear

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Wed, 02/12/2020 - 20:06
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    Cryptocurrency trader Josh Rager thinks that Bitcoin (BTC) might eventually hit a snag after its stellar rally in 2020

Bitcoin Price Might Be Due for Pullback as FOMO Kicks into High Gear

Cryptocurrency trader Josh Rager believes that Bitcoin (BTC) could soon witness a pullback after rallying by more than 44 percent in 2020. In a new tweet, he explains that random direct messages and e-mails about buying crypto are reminiscent of previous market tops. 

Another ominous sign could be some low-cap cryptocurrencies rallying by up to 800 percent. Greedy investors are once again willing to speculate on obscure altcoins they haven't touched since the previous bull run.    

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Rager also mentioned CNBC's latest embracement of Bitcoin. The number one US business channel is usually regarded as a contrarian indicator when it comes to BTC prices. 

There is still a chance that the current rally will have legs. As reported by U.Today, the number of deposits to exchanges remains unchanged whilst market tops are usually marked by strong upticks. 

Meanwhile, trader DonAlt has just posted a tweet where he predicts a drop back to the $7,500 level.

DonAlt

Given how accurate he was with his previous call, his chart could definitely send shivers down the spine of even the most stalwart Bitcoin bull.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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