While the cryptocurrency community is busy celebrating Bitcoin's new record high, former Binance CEO Changpeng Zhao does not seem to be excited by the new milestone.
In his recent social media post, the richest known crypto entrepreneur believes that Bitcoin is currently trading at just a "fraction" of its future price.
"Today, you might be excited by the current ATH. In a few years, this will be just a fraction," Zhao said.
CZ, who first purchased Bitcoin back in 2014, recalled how it took the leading cryptocurrency three years to reach a record high. "We were excited. Now, that is just a small fraction, less than 1%," he added.
Tom Shaughnessy of Delphi Digital has also opined that past Bitcoin rallies felt exuberant, but this does not appear to be the case this time around. Instead, the rally feels "quiet" and "determined."
There is no strong fear of missing out (FOMO), with retail investors largely remaining on the sidelines. This is evident based on Google search trends and the lack of mainstream coverage of Bitcoin. Coinbase also typically surges to the top of the most popular apps on the App Store, but this is not the case this time around.
Given that popular top signals are yet to flash, some assume that Bitcoin has more upside potential.
The "Fear & Greed Index," a popular tool for measuring sentiment analysis, currently stands at 74 points out of 100. The index has yet to reach "extreme greed" territory despite the fact that Bitcoin is seemingly in price discovery mode.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team