Bitcoin (BTC) Breaks Past $10,000, Analysts Await Mass FOMO
That’s right, at long last, Bitcoin (BTC) has reached five digits in the ongoing bull run, according to TradingView.com. The last time the cryptocurrency was in this price range was a year ago. With this strong swing to the upside, which comes just weeks after analysts en-masse were calling for a “strong correction”, many are sure that so-called “FOMO” from a retail audience will soon grace this market.
— Barry Silbert (@barrysilbert) June 21, 2019
Bitcoin Surges Past $10,000
The past week or two have been absolutely stellar for the cryptocurrency market. Ever since retracing to $7,450, Bitcoin has been on an absolute tear, ripping past key resistances like they were nothing more than soggy pieces of parchment paper.
Just now, we saw Bitcoin surmount $10,000, seen as many as one of the most important psychological, sentimental, and technical levels in cryptocurrency. Right now, the proverbial seems to be in the court of bulls, as BTC looks poised to break past $10,200 on some exchanges.
This may just be the start of a strong move higher, however.
More specifically, many see a move past $10,000 as a validation of Bitcoin’s revival, especially after the 80%+ seen during yesterday. Or as Fundstrat Global Advisors’ Thomas Lee explained in a tweet, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC […] and those who saw Bitcoin dead as forever.”
Indeed, during 2017’s rally, all prominent traders and mainstream news outlet alike asserted that $10,000 was the level to keep an eye on. More importantly, $10,000 also acted as a key level of resistance and support during 2018’s tumult.
The importance of a five-figure Bitcoin has led many to claim that once BTC breaches $10,000, all proverbial hell may break loose. In a recent tweet, Tyler Winklevoss, the (purported) Facebook pioneer turned Gemini chief, claimed that once the digital asset surmounts the key level, “you can bet it’s going to break $15,000.”
$15,000 just under 50% higher than current levels may just be the tip of the iceberg though. According to Lee, once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached.
In a recent podcast with Binance’s chief financial officer, Wei Zhou, Lee surprisingly opined that there will be a “fast and furious” move to $20,000 following a break and close above $10,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.
It remains to be seen whether this will occur though, as BTC presumably needs to close a weekly candle above five figures as bullish confirmation.