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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h246">FOMOing in</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h376">A false equivalency?</a></li></ul>
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Tom Lee, the co-founder of research firm <a href="https://u.today/fundstrats-tom-lee-asks-your-opinion-on-bitcoins-golden-cross">Fundstrat</a>, says that FOMO is yet to kick in as the Bitcoin price is vying to smash the $9,000 target.
The prescient <a rel="nofollow" target="_blank" href="#">Bitcoin</a> analyst claims has estimated that investors are expected to jump on the hype train once the BTC price reaches $10,000.
<blockquote class="twitter-tweet" data-lang="en">
Actually the point of the chart is to say “real FOMO” probably starts when <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw">#bitcoin</a> exceeds $10,000 as that is a price level only seen 3% of all days...
...mathematically equivalent to exceeding <a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) <a rel="nofollow" target="_blank" href="https://twitter.com/fundstrat/status/1133716287027200000?ref_src=twsrc%5Etfw">May 29, 2019</a></blockquote>
<a rel="nofollow" target="_blank" href="#">card</a>
FOMOing in
Fundstrat has commented on a recent Fundstrat study that determined the levels of FOMO in the Bitcoin market (from Level 1 to Level 10).
Obviously, a higher price amplifies the fear of missing the boat, but it is worth noting that the crypto king ups the ante during every <a href="https://u.today/bitcoin-btc-price-on-the-cusp-of-10k-has-the-new-bull-run-been-triggered">bull run</a>.
Historically, the degree of FOMO mostly remained at bay. However, once BTC hits a certain price target (for instance, $6,950 in 2019), the so-called ‘baby’ level is reached, and investors reluctantly start FOMOing in.
After the BTC breached the $8,350 resistance level, it opened the door for a medium degree of FOMO.
Bitcoin is about to reach the level of FOMO, image by Fundstrat
<a href="https://u.today/bitcoin-price-predicted-to-hit-28000-in-the-short-term-by-crypto-evangelist-max-keiser">card</a>
A false equivalency?
Now, as Bitcoin in inching closer to exceed the psychologically important mark of $10,000, we can expect the highest level of <a href="https://u.today/bitcoin-price-is-up-by-107-percent-this-year-as-its-inching-closer-to-8000-is-fomo-already-there">FOMO</a> that will make investors flock in droves to buy the soaring cryptocurrency.
Lee states that $10,000 in 2019 would be mathematically equivalent to $4,500 in 2017, which gives ground to speculations about enormous price gains (BTC reached its current ATH of $20,000 during the highly speculative rally).
However, there are those who are skeptical about this analysis with one user calling it “false equivalency.”
<blockquote class="twitter-tweet" data-lang="en">
Exceeding 4500 in 2017 was an ATH. As was anything above 1100 during 2017. Comparing them retroactively with a 3% metric is false equivalency. The real comparison for 4500 in 2017 would be <a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24btc&src=ctag&ref_src=twsrc%5Etfw">$btc</a> @ ~77,000 today.
— John Silvestro (@John__Silvestro) <a rel="nofollow" target="_blank" href="https://twitter.com/John__Silvestro/status/1133718441045532673?ref_src=twsrc%5Etfw">May 29, 2019</a></blockquote>
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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h246">FOMOing in</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h376">A false equivalency?</a></li></ul>
Advertisement
Tom Lee, the co-founder of research firm <a href="https://u.today/fundstrats-tom-lee-asks-your-opinion-on-bitcoins-golden-cross">Fundstrat</a>, says that FOMO is yet to kick in as the Bitcoin price is vying to smash the $9,000 target.
The prescient <a rel="nofollow" target="_blank" href="#">Bitcoin</a> analyst claims has estimated that investors are expected to jump on the hype train once the BTC price reaches $10,000.
<blockquote class="twitter-tweet" data-lang="en">
Actually the point of the chart is to say “real FOMO” probably starts when <a rel="nofollow" target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw">#bitcoin</a> exceeds $10,000 as that is a price level only seen 3% of all days...
...mathematically equivalent to exceeding <a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">$BTC</a> $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) <a rel="nofollow" target="_blank" href="https://twitter.com/fundstrat/status/1133716287027200000?ref_src=twsrc%5Etfw">May 29, 2019</a></blockquote>
<a rel="nofollow" target="_blank" href="#">card</a>
FOMOing in
Fundstrat has commented on a recent Fundstrat study that determined the levels of FOMO in the Bitcoin market (from Level 1 to Level 10).
Obviously, a higher price amplifies the fear of missing the boat, but it is worth noting that the crypto king ups the ante during every <a href="https://u.today/bitcoin-btc-price-on-the-cusp-of-10k-has-the-new-bull-run-been-triggered">bull run</a>.
Historically, the degree of FOMO mostly remained at bay. However, once BTC hits a certain price target (for instance, $6,950 in 2019), the so-called ‘baby’ level is reached, and investors reluctantly start FOMOing in.
After the BTC breached the $8,350 resistance level, it opened the door for a medium degree of FOMO.
Bitcoin is about to reach the level of FOMO, image by Fundstrat
<a href="https://u.today/bitcoin-price-predicted-to-hit-28000-in-the-short-term-by-crypto-evangelist-max-keiser">card</a>
A false equivalency?
Now, as Bitcoin in inching closer to exceed the psychologically important mark of $10,000, we can expect the highest level of <a href="https://u.today/bitcoin-price-is-up-by-107-percent-this-year-as-its-inching-closer-to-8000-is-fomo-already-there">FOMO</a> that will make investors flock in droves to buy the soaring cryptocurrency.
Lee states that $10,000 in 2019 would be mathematically equivalent to $4,500 in 2017, which gives ground to speculations about enormous price gains (BTC reached its current ATH of $20,000 during the highly speculative rally).
However, there are those who are skeptical about this analysis with one user calling it “false equivalency.”
<blockquote class="twitter-tweet" data-lang="en">
Exceeding 4500 in 2017 was an ATH. As was anything above 1100 during 2017. Comparing them retroactively with a 3% metric is false equivalency. The real comparison for 4500 in 2017 would be <a rel="nofollow" target="_blank" href="https://twitter.com/search?q=%24btc&src=ctag&ref_src=twsrc%5Etfw">$btc</a> @ ~77,000 today.
— John Silvestro (@John__Silvestro) <a rel="nofollow" target="_blank" href="https://twitter.com/John__Silvestro/status/1133718441045532673?ref_src=twsrc%5Etfw">May 29, 2019</a></blockquote>
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