Topic: another major resistance broke and the FOMO began (Read 343 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

I am not convinced that casual investors will be investing when the market is riding high and it could take the market to these levels in a short period of time. Although i am not certain from where these investments are coming from i am still assuming that the institutional investors as the reason for these rallies even though they purchase bulk amounts outside the exchanges.

It wasnt 2 months, I clearly noticed it at Feb 2017 and I was the late and negligent in my attentions but it was more erratic then this current rise; the lowest prices which is the important part not the peaks that was rising for over a year.   Arguably it was ignited similarly by the halvening event and the lapse or healing of the last sell and peak in 2013, we regained and exceeded that by far.     Some might say well the last peak prior to now and fallout was from 19k so if had similar magnitude its not done until 190k.    Could be that way if dollar DXY loses for all of 2021 like it dropped in 2017 but I think we get some profit taking, some fears with selling along the course and yet its still bullish on this lowest price trend.

I think this year would be bit different than 2017/2018 as the bull run lasted for hardly 2 months last time but this time it would last for more than that (atleast 6 months) due to continuous cash inflow and this time bitcoin is receiving investment from both institutions as well as users like us who don't want to miss out one more opportunity as Bitcoin might break all the barriers again as it did cross $30k today. FOMO will always be there which is the reason for panic selling as well.

FOMO and Foam sounds quite similar, I know without backtracking and at least some checks on prices moving over a weekend then entering into varying circumstances during a working week I have less confidence.   It has to fight its way up or I dont think it lasts, its untempered and weaker without a few hammer blows here and there.
   Its corrected just now and then regained some, just watching that for strength but really I think Monday is the time to be awake for wider direction.   First day back in the new year, some people been away on holidays etc. and their opinion and involvement matters.

This may lead to a longer stay. The year of 2020 seems to be one of the best from the lowest to the highest ATH that it had done but 2021 is just getting started and we're having a lot of surprises already and making everything easy for it to cross to new levels and ATHs.

Sorry for them and if they have never picked while it was under $20k, they've waited for nothing.

And here I thought was the only 2011er who logged in for old times' sake today. Are you one of the whales now?
I wish I had tried to join the Vladmir club instead of playing too much satoshidice and sealswithclubs.

Definitely this. BTC is just one whale away from dumping to 29k with that whale selling only a few hundred of their thousands of coins. This rally will see some real pull back when a whale decides to sell, and I would think one will soon as with a new year comes a new tax season.

Will buyers (and institutions, and grayscale) be able to absorb the selling? I'm optimistic they can, but it wouldn't be BTC if we don't revisit 20K with some random selling at 3:42AM across every exchange. When it happens, you know some person just became a billionaire in fiat terms. Have fun with the taxes!

We are in a point in which anything is possible, the bull run this time is going to be massive but there are a few things that worry me, first of all I am sure that governments all over the world are keeping an eye on bitcoin and what it is doing now and they are not liking it one bit, they are seeing that bitcoin is acting as a store of value and protecting people from their money printing policies so what will they do?

I think there is an important possibility that governments all over the world will make bitcoin illegal and begin to actually prosecute people that keep holding their bitcoin under those circumstances, this may seem impossible but I think they are seeing they are losing control of the economy and when that happens they cannot allow such a powerful competitor to remain unaffected and even thrive under the current circumstances.

that is because the "hype" that eventually leads to higher google searches (showing up in google trends) is just getting started and it would take a couple of months of FOMO before it picks up.

also don't forget that we are in holiday season, literary second day of the new year, so most people haven't even heard about this rise let alone want to FOMO buy

i mainly remember those who were waiting (and encouraging others to wait) for $1500.

Bullish sentiment is something that can be erased very very quickly. I remember why 2018 was such a bad year, because when we reached peak point at November 2017 there were tons of whales who ended up selling, those were the days most of the early investors got out, all those people who bought under 30 dollars started to sell, I am sure some of them are still around but a lot of them sold and considering they were capable of selling thousands of bitcoin easily (because they made so much bitcoin on early days even with mining) that became something a bit more different, where people would come out and sell tens of thousands of bitcoin.

This time around we do not have that just yet, so it looks like its bullish right now, but the moment someone comes out and sells tens of thousands of bitcoin, everyone else will start to sell their bitcoin as well.

If you and hundreds of others are right and we are heading to 300-400k end of 2021, the 33k is just a nice bump on the road. With adding 1k every day, the goal would be reached at the end of 2021. And who knows what money will be worth end of 2021. Maybe we will have hyperinflation globally.

Dunno...  Just from how fast it broke 30k and the way the chart looks, it feels more like the 2013 run.

Anyway, missed this one.  Makes me wish I listened to all the maxis around here.  Lol.  Congrats to all who held.

Google trends show for this season is still little than what we have on 2017. I think it will push more the whole year and then the real bears will appear on 2022. I agree with Jimbo that $100k was the call for most who will see this bull to be running throughout the year.

I've remembered those people who are still waiting for the bottom on $3k.

Fomo is really kicking in, more fresh money will keep coming because many could not believe what is happening,  all the 2017 ATH buyers are witnessing a revolution and are no longer feeling bad for buying at the top because we have a more attractive ath now,
Btc have all my respect, from $3500 to $32k+ and counting is record breaking.

i'm not yet convinced about this to be the main reason even though i keep hearing it used as the reason.
most institutional investors are already in and have bought the majority of the coins they wanted to buy. some of them did it months ago.
they also don't go to bitcoin exchanges to buy bitcoin, they go through other channels which means they don't really affect the price that we see in the market.

Yes, as you said too much fresh money entering on Bitcoin. I think many institutional investors are accumulating Bitcoin. As a result, created a market crisis that has lead price bump. Currently, Bitcoin trading above $32K and touched $33K on Binance. It's quite surprising I sold my Bitcoin a few hours back at $28.7K. Seems the market is just bumping and bumping. It's just not a copy of 2017 but also more advanced than it as we have already seen. If market growth continues like this, then most likely we will $40K breakout very soon. I am wondering where are the haters?

Nothing new. Many of us have been calling this for months. The big question is how far does it go.

Among seasoned Bitcoiners, $100k is a bare minimum. That's when the party begins (although the actual physical party may have to wait due to Covid).

Many are calling for something in the $300k-$400k range. People with as few as 10 coins could be multi-millionaires.

today marks both a new price record for bitcoin in its decade long history and yet another case of a big FOMO that starts every time a major resistance is broken.
although we are going to see them quite often this year as this is going to be a bigger copy of 2017 as a fresh money starts coming into bitcoin once again.
similar to 2017 it could be expected that the trend continues all through the year with some slow down mid year with the real bubble at the end of the year.

what do you think?