One popular analytics firm says FOMO-driven crypto investors are diving headfirst into Bitcoin just as crypto traders unload their stacks of BTC.
According to Santiment, a crypto analytics firm, Bitcoin’s rise to $88,000 in the last few days has once again revived the optimism of BTC holders.
I also see that the FOMO effect for BTC is now peaking, as market participants anticipate the potential surge of Bitcoin to a six-figure price level. The Fear And Greed Index (which you can see on the right tab on this blog) is now in Extreme Greed (a level usually observed during price peaks and mass euphoria).
Santiment also notes that traders who had positioned before the upside burst use the rally to offload their coins as Bitcoin prints a new all-time high.
“Bitcoin is seeing a significant spike in profit-taking transactions as traders are trying to sell at the top. Funding rates on Binance and Bitmex are showing aggressive margin and leverage longs attempting to ride further rises.”
“The rise in Bitcoin has been so rapid that traders are now speculating how quick we see a $100,000 market value. Though this price was beyond comprehension just two-three months ago, the community has quickly changed its tune after a +70% surge since the August 5th crash.”
Even amidst the market exuberance, Santiment notes that Bitcoin can still push to much higher levels provided that deep-pocketed investors keep adding to their BTC stacks.
“In the past year, whale and shark wallets with at least 10 BTC have accumulated a total of 234,150 (now worth $19.76B).
Therefore, major credit for the ascension of cryptocurrency goes to large key stakeholders for continuing to have confidence in it and accumulating it. On the other hand, it is also the consistent FUD of the crowd, its capitulation, and the inconsistent faith of the people in crypto that allow whales to buy cheap.
Currently, euphoria is at an all-time high, though nowhere near the levels seen in mid-March when Bitcoin was in its previous all-time high cycle.
Expect that prices can climb as long as whales continue buying more and the retail crowd keeps selling them their cheap coins during small dips.
After a strong rally in the past week where BTC added 20% to its value and hit a new ATH of $89,850 it is now seeing a pullback that will establish the local support and prepare the road to $100,000 – its next major milestone. We are surely bound to see it drop below the 100k range soon after, so brace yourselves for more volatility in the upcoming weeks.
I will keep you posted and will share with you my price analysis and projections. Stay tuned!
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The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
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