After an entire year of watching Bitcoin drop like a rock, hold onto some ledge and then subsequently, drop like a rock again - The tides have changed - Bitcoin just moved 100% in a month and surpassed the $8K level.
A level not seen since August last year when bitcoin was well on it's way down the drain...
Now, many people are wondering if it's time to get into the game and make some profits... The FOMO is kicking their pants again.
There are many predictions that Bitcoin will get to the $10K level in a matter of days if this moon-shot continues.
People are waking up, and Bitcoin is in the air once again, reminiscing of the Good ole' days where it almost broke through $20K.
But... Is this a Real Pump & Bull market incoming?
I remain skeptical as this all seems quite sketchy to me right now. Sure - the fidelity thing is good news but is it worthy of the pump? YES IT IS
Bitcoinners don't want big money to enter the markets for cheap - so this pump forces those new-comers to pay a premium.
But that doesn't mean we are in a bull market, and sure doesn't mean these levels will hold out after the fidelity launch.
The issue I'm seeing is that Bitcoin moved a solid 100% without much resistance yet all the other Top alts are lagging heavily behind and holding strong to their value $wise.
Without Alts like Ethereum (which has been decimated relentlessly) making some serious moves - This sure doesn't seem like an all out FOMO phase.
Plus, besides Fidelity, nothing has changed much. Miners are going to be profitable again and we should see some increased selling pressure at these prices as the halving is over a year away.
The way I see it
This is a fake pump to draw attention to the fidelity crowd so they FOMO into the markets.
This run-up may get into the 10k range, but then some massive profit taking will occur (I'll be there) and this baby will drop like rock. I definitely don't see a new ATH for Bitcoin happening from this.
I see a $5k range in the future
- might even see $4k by years end.
I hate to be the Anti-FOMO, Anti-MOON guy, but this pump seems a little forced and the timing is a tad off.