Bitcoin and its recent parabolic run has everyone across the crypto market in shock and awe as the first ever cryptocurrency smashes through each powerful psychological resistance level with relative ease.
It’s clear there’s FOMO – the fear of missing out – in the air, as crypto traders and investors who were waiting to buy Bitcoin back lower than $3,150 are coming to the difficult realization that they missed their chance and are stuck buying Bitcoin back at increasingly higher prices. But it’s at the important psychological price level of $10,000 when the FOMO will spread into the public who watched the cryptocurrency bubble pop and who have since written Bitcoin off as a fad or dead.
$10,000 Bitcoin Is Catalyst for Widespread Public FOMO
An early April rally that sent the price of Bitcoin skyrocketing over $1,000 in nearly an hour was the initial spark that signaled the end of the bear market and that the bottom was now in. As more and more crypto traders and investors who were once sidelined awaiting even lower prices to accumulate at, they’re now having to face the hard truth that they missed their chance to buy Bitcoin cheaper, and are now forced to buy Bitcoin above $7,000 as the price of the cryptocurrency is currently flirting with $7,800.
After the break of $4,200, many had been waiting the expected pullback or retest, but a significant retracement has still yet to happen. Even after the worst Tether FUD to hit the crypto community and a hack of the world’s most popular cryptocurrency exchange, Bitcoin has barely backed up to take a breather, let alone face any substantial downside.
As the market wakes up and realizes that the bull run could be back, a strong sense of FOMO has spread across the cryptosphere. But what has been seen so far will pale in comparison to a break of $10,000, which some believe is the important psychological price point that’ll cause the rest of the world outside of the crypto market to take notice of the leading cryptocurrency by market cap once again.
Fundstrat co-founder Tom Lee also believes that $10,000 is the price point at which we will see “FOMO” from those who “gloated” about Bitcoin’s near 90% crash from all-time high and those who pronounced the cryptocurrency “dead forever.” At the break of $10,000, the public will fear that Bitcoin will rise to $20,000 yet again leaving behind those who acted too late to invest in the emerging asset.
An accompanying Twitter poll also shows that most of Twitter agrees that $10,000 is the real FOMO trigger for the general public.
The last time Bitcoin broke $10,000 was around Thanksgiving 2017, and within a month, the price of Bitcoin doubled to its all-time high at around $20,000. After the break of the parabolic advance, Bitcoin fell over 85% to its eventual bottom at $3,150, before rallying to current prices.