Tom Lee, the founder of analytical firm Fundstrat who also happens to be a major Bitcoin bull, has just announced that we had reached the highest level of FOMO (Level 10). According to Lee, we may see some fireworks this week.
#bitcoin has acted very differently since crossing above $10,000–a level we defined as Level 10 FOMO as it only represented 3% of historical days.— Thomas Lee (@fundstrat) July 4, 2019
This week we may see #fireworks for $BTC 🎉🚀🎉🚀😁 https://t.co/FgHReyMLLH pic.twitter.com/NwOKnBnL7l
The time has come
As reported by U.Today, BTC crossing the $10,000 mark would trigger the highest level of FOMO.
Overall, Fundstrat has defined ten levels of FOMO. Notably, the “full-blown” degree of FOMO represents only 3 percent of Bitcoin’s lifespan.
Reaching $10,000 during this bull run would be the equivalent of BTC hitting $4,500 in 2017.
While Lee is not always spot-on with his price predictions, he hit the nail on the head with this one. Right after entering the five-digit territory for the first time since January 2019, it triggered an enormous level of volatility.
A new ATH is likely
On June 26, the BTC price reached its yearly high of $13,888 only to shed more than $2,000 in a matter of minutes.
From that point, Bitcoin continued seesawing – the price quickly recovered after going below $10,000. At the time of writing this article, it is trading at $11,699.
If history repeats itself, BTC could print a new ATH after its most recent 30 percent pullback.
$BTC: We had our 30% pullback so what's next?— Josh Rager 📈 (@Josh_Rager) July 3, 2019
History says that price consolidates followed by an average gain of 153% before the next big pullback
There are great rewards for buying pullbacks in a bull market
My original tweet on this here:https://t.co/n6TeXJJDbn pic.twitter.com/TbjqsJH8bX