After flirting with the 9k-ish resistances for over a week, BTC made headway today by smashing through 10k which is a major psychological resistance for many cryptocurrency investors. Perma-bull and Fundstrat analyst Tom Lee thinks that this will spark "real FOMO", and I think he is right!
Lee made this statement in response to a tweet by Financial Times journalist Adam Samson where Adam claimed that Bitcoin is headed toward ‘level 10 FOMO’ and he referred to a graphic made by Fundstrat which suggests that level 5 FOMO will be triggered when Bitcoin reaches $8,900 and that this is “equal to achieving $3,200 in 2017.”
Level 10 FOMO in Lee's opinion happens when BTC reaches a price it has been at for only a total of 3% all days of BTC's existence, which coincidently enough currently falls right at the 10k USD per BTC psychological resistance.
IMO, smashing through this important resistance could not only spark Global FOMO, but it could also bring about the institutional FOMO we've been waiting for.
We are all aware of the unquantifiable wealth held by institutional investors. Considering the fact that some of them are most likely going to FOMO into buying BTC right now, it wouldn't be far fetched to think that BTC is about to go parabolic in the weeks to come.
I wouldn't be surprised to see BTC push through the 20k ATH in the next couple of days. Would you?
Similarly, I wouldn't be surprised to see it retrace back to 9k or 8k before starting the parabolic uptrend, smashing through the ATH, igniting worldwide FOMO, making the entire planet buzz about BTC once again.
Remember how in the last bull run literally everyone was talking about BTC and crypto in general?
It was absurd.
Once, I was confronted by a 70 year old granny asking me: "Can you explain to me what are these digital currencies I've been hearing on the news about?"
I couldn't believe what I was hearing. Shit was crazy.
All the news outlets, TV shows and series were mentioning crypto. It was a hot topic back then, and it's going to become even hotter in the following months/years.
It's definitely a good time to be HODLING crypto right now.
No matter if you are stuck with bags of alts bleeding your dollars away, they are soon going to pump too. Don't you worry about that for a second.
ALT season is going to happen and it's going to feel like MAGIC!