Topic: another major resistance broke and the FOMO began (Read 349 times)

If we observe the price, it went up from $20k to $40k in just 22 days, incredible. Last month, many people don't believe that bitcoin can't reach this price in a short time, me neither. At first, I thought bitcoin would encounter a correction by the time it touched $ 22k, $ 25k, $ 29k, then bitcoin broke all that resistance and kept going beyond $30k, $ 35k, and subsequently $40k without any significant pullback. What can we say, the market really in fomo and don't know where it will stumble.

^  Yup exactly.  But then again if it wasn’t such a weird year, would we be seeing BTC move up so fast this way?  And the weirdness kinda started a tad over 4 years ago when Trump won.    I was like holy f*ck, I wonder how it’s all gonna pan out...  Now we know.

Last time FOMO began when price was x2 from previous ATH so at around $2-3k. Now we are at that time. 2x from previous ATH. So Bitcoin should be from now on all the time on teh news and everywhere you go will talk about it. But. 2017 was not anything like 2020. 2017 was boring year compared to 2020. And by picture below 2020 might be super boring compared to 2021. So Bitcoin will have to fight hard to get in the news.

A few hundreds of coins are going to do nothing to this rally when institutional investors have bought hundreds of thousands of coins, and it seems they are going to keep doing it, have you seen the news lately? Yesterday there was a big incident in the US that is putting the markets really nervous about the political stability of the country.

But this plays in favour of bitcoin, if people begin to lose trust in the US dollar then they will need to find a another way to store their wealth and bitcoin is the perfect option to do so in these difficult times.

Those people who didn't know how bitcoin will work will I guess believe in FOMO, bitcoin is based on demand and supply. So look around, there are too many institutions who already started adopted bitcoin, if they are keep continue growing the bitcoin price will also continue pumping up. We are not like in the year 2017 that something just like a hype, now, we had real investors and they are big-time investors.

Just a small correction that will surely later it will resist. There is no pullback price but yes correction there is and I believe it will not drop beyond $20k.

Yes, just as we're starting the year and bitcoin has already showing the quickest way to new all-time highs that it can. And today, it got into correction and I've read people saying that it's gonna crash again and everybody will panic but then again, it has recovered so quick. With such corrections, it only means that it's ready and preparing for another increase soon. It could break the $35k barrier and might push next to the cloest price, we'll see it!

Some people may start to worry about their exits (if not for long term). Some may start to worry where to sell or exit their positions. But for me, I am not that worried, I am for long term here.
But I am curious about the FOMO for every broken resistance.
How we can identify when the FOMO will start or just like what happened in 2017, it was really a huge parabolic run for Bitcoin  then a huge drop happened immediately.

At the moment it is difficult for me to predict what may happen to the Bitcoin market, we are still experiencing the Fundamental Covid-19, the vaccine in some has produced many side effects, the fact that the price has risen in 2020 for me it is a great opportunity what is coming for this 2021. I do not see a bearish trend yet, but everything is possible in the Bitcoin market.

Worth mentioning that the lowest price of bitcoin in 2020 was $4,3k in March and the highest at around $29,3k in December, a $25k increase in less than a year.
2021 is a whole new level for bitcoin, in the last 4 days, it broke some resistance like it was nothing, which many people thought would be the peak yet bitcoin continues to rise until it stumbled slightly below $35k. We don't know the limit for bitcoin at the moment when it will stop climbing and the bear will take the turn for a while, probably in March to June.

Too hard for them to believe that we'll never see $3000 again. That is why every single price of bitcoin should be thought of very well if one person is planning to get an entry.
They're now have no choice but to buy bitcoin at the current prices. I've seen them and thought of what were those people thinking when they've kept saying that they'll wait until bitcoin reaches back $3000. Well, good riddance.

It's not unexpected after the $20K mark and now the $30K mark.

More important is how much this FOMO will raise the price and how long it will continue before we see some substantial drop down?

i don't think this is correct.
they have been buying bitcoin for 8 years and a even though they have been on a buying frenzy for the past 4 months they still only have 572k bitcoin.
they definitely aren't buying every day and they definitely aren't buying from exchanges.

you just chose the most gigantic one of them otherwise there has been about 30 known "big" institutional investors and they all have been buying bitcoin for a long time now. so yeah they were "in" already.
most of them don't have anywhere near as much as Grayscale does though. most of them have around 5k bitcoin.
and the total amount of bitcoin held by all of them combined is barely a million.

i don't deny they have some effects on bitcoin price, after all they are buying bitcoin even if it is not from exchanges but at the same time their influence is not even close to what is being described.

If BTC starts pumping that's how it goes up and this is nothing new, what could be the next resistance will be the twist. As institutions are flooding money in BTC it's unstoppable, I thought BTC halving could turn out be a major resistance in May unfortunately it didn't pump upto the mark after few weeks it started to pump slowly and  what we are seeing now another phase of BTC, FOMO on the other side has been a hot topic. So let's be more cautious before investing at this price because anything is possible from now.

Erase McAfee in this discussion since its so irrelevant to call him out since we know how his mouth works.

And also I don't think there's a possibility for ETF approval for that matters since bitcoin is a big threat on stocks so provably approving bodies see that as a threat that some of stocks will collapse once bitcoin will enter and get an approval.

That's the believe all over the community and I'm also on in too. This year 2021 will see a continuous growth of bitcoin, breaking new highs and also experiencing some corrections along the way.

We haven't seen the best of the institutional investors yet as more funds are incoming so are the adoption and bullish news.  Normally the scarcity of coin on exchange and upward demand of bitcoin pushes the price upwards after its halving year then a sudden drops happens next which continue to the next year which is 2022.

Like in 2017, 2021 will likely end with bitcoin dumping but instead of a late dump like in December, it'll be earlier since traders in anticipation of a dump will react and start booking profit very early.

This is when the big shots are going to be called. Don't be surprised if John McAfee makes a comeback here and predicts his $1 million bitcoin once again.

It's important to keep a level head about prices in this bull market, imho. Whilst BTC fundamentals have indeed improved substantially with institutional money flowing in and the possibility of a ETF approval very soon, I don't think that they necessarily justify this current FOMO.

I've started to see BTC margin trading ads IRL, which is generally the first signs of a market bubble. And that's coming from a long term BTC holder - I believe that BTC will make significant ground in the long run, but definitely not sustain this sort of growth in the short term.

Isnt something for us to get surprised and everytime we do see new ATH then its normal to have that perception and feelings that this might be an another situation that happened in the past
in 2017.

We cant really tell on when big correction would happen but to think that it is really impossible for a market to have that kind of correction but I don't really believe
about on the bubble because if we do base up on the current market condition then we can say that it isn't something similar into those previous years
when it comes to adoption rate.

Can't blame them though I guess they haven't been in the market once or just failed when tried to invest and lost everything because they sold it at lower price. For people who believe Bitcoin from the start no matter what the price, we deserve this growth. We'll continue to hodl and gain some if you are an active trader.

If Bitcoin would eventually have a correction, I don't know what would be the bottom but that would be worth it to wait to buy more Bitcoin.

Umm, this is completely wrong.
Institutional investors are definitely not in. They've never been "in" outside of maybe a handful, which is like saying the general public was "in" back in 2011.

You keep hearing this narrative that institutions are driving up the price because it is true. Institutions have just started to get in a little bit - this will continue on for years - but it has finally started this Fall. We have Grayscale buying up literally hundreds of millions of dollars every single week (sometimes daily), these are accredited investors which I dunno if we'd call them all "institutional" per se, but at the very least they are a combo of rich Wall St investors and institutions. Then we have corporations like Square and Microstrategy buying in. We have various investment firms starting to buy in, a very very small portion of the investment firms out there at this point because, again, institutional investors are not "in" yet. And they buy through services like Coinbase's institutional services. So yes that is bitcoin that is coming out of exchanges, stripping supply from exchanges. Some of it probably is not on exchanges at all but plenty of it is.

So, in summary, institutional investors were not in already, not even remotely. We know for a fact institutional investors have finally started to get in the past few months, but still the number of them that are in at this point is very very small so this will continue literally for multiple years before they truly are "in". And yes plenty of this money is being bought off exchanges which removes Bitcoin supply from exchanges, thus causing a negative supply shock which results in the price shooting up as other buyers try to be the little remaining Bitcoin on exchanges.

hah, I see we joined just a few days apart! Oh no, I'm no whale. Just a small time timer who keeps selling during bubbles but neglecting to buy it all back when it crashes. I wish I had joined Vlad as well ;p