Bitcoin has always been like that, it experienced most of its growth in large short-term spikes rather than slow and continuous progress, and during the calmer weeks people always experienced the same uncertainty that they experience now - "is it really a bull run or just a bull trap", "have we reached the top and now is the time to sell" and so on.
Saying that Bitcoin rally was driven by FOMO is kinda a no-statement, because FOMO has always been the main drive behind growth.
Topic: [2019-06-06] FOMO Fueled May’s Rally (Read 139 times)
how bitcoin would be facing bleak future future? Until January 28 the price was $3500 and today we have a price of $8000. in less than a few months the price had a big increase. can this be considered poor performance? I do not think. This is a good performance.
and when did the analysts get anything right?
Investment advisory group San Francisco Open Exchange (SFOX) released a volatility report on June 6, saying that the crypto market has transitioned from “mildly bullish” to “uncertain.” SFOX cautioned that the bullish growth in May could have been unsustainable growth due to investor FOMO (fear of missing out).
and when did the analysts get anything right?
Should we then conclude that bitcoin is now facing a bleak future just because the rise has been only because of FOMO?
Today the marked did it's best in telling that these conclusions are incorrect
Discussing about "the future" in months is a misuse of big words.
Currently we seem to have a mix of recovery, manipulation, good news, FOMO, and hope.
The current over optimistic expectations (too many claim that because of halving we will have a new ATH) make the market be quite jumpy in both directions. I'd be extremely surprised to have another "flat" month.
So no, I clearly don't expect the next few months be "bleak".
Bitcoin (BTC) and ether (ETH) are trending down slightly following the slump from the recent rally. Top cryptocurrencies are seeing a mix of ups and downs, according to data from Coin360.
After its surge to $9,000 last week, BTC is down by 1.67% on the day, and is trading at just $7,676 according to CoinMarketCap. The leading cryptocurrency has fallen in market capitalization by about $10 billion since May 30, with a market cap of approximately $136 billion at press time.
Investment advisory group San Francisco Open Exchange (SFOX) released a volatility report on June 6, saying that the crypto market has transitioned from “mildly bullish” to “uncertain.” SFOX cautioned that the bullish growth in May could have been unsustainable growth due to investor FOMO (fear of missing out).
Further Read: https://cointelegraph.com/news/major-coins-see-red-following-reports-that-fomo-fueled-mays-rally
I am actually not anymore surprise with this assessment because FOMO has always been there as far as cryptocurrency is concerned. People are greedy and we don't want to be left out with a good opportunity to earn some hard cash -- a big reality whether you are into bitcoin, gold, stocks or anything that is presented as a way to gain something. So what is new?
Should we then conclude that bitcoin is now facing a bleak future just because the rise has been only because of FOMO?
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