Tyler Winklevoss On Bitcoin at $18k, “This is not a FOMO rally. It’s steady hands.”

Tyler Winklevoss On Bitcoin at $18k, “This is not a FOMO rally. It’s steady hands.”
фото показано с : zycrypto.com

2020-11-30 01:32

Tyler Winklevoss the Co-Founder and CEO of top cryptocurrency exchange Gemini, says the Bitcoin rally that took the price to over $18,000 is not yet a FOMO rally. Winklevoss in a tweet said the rally is due to steady hands in the cryptocurrency industry, which means investors on the sidelines are yet to jump in.

Google searches for “bitcoin” remain steady

Winklevoss seems to attribute his conviction to the stable search for Bitcoin on Google. This implies that an uptick in Google searches for Bitcoin will be an indication of a FOMO kicking in and since it remains steady, this has not happened yet.

FOMO is a term used in the cryptocurrency space which means “Fear of Missing Out”. This describes the panic buying of Bitcoin for instance when the price starts to surge so great that those who have been reluctant to buy become convinced that they are getting left behind. As a result, FOMO has historically pushed Bitcoin price to higher levels, although it is not the only factor.

A look at Google searches for Bitcoin in the last 12 months shows that the highest it has ever reached was in May 2020 around which time it hit $10,000 for the second time in 2020. Since then, there has been a decline and while it is moving back up slowly, it has not yet reached the May levels, showing that there is no fresh interest in the asset yet.

The institutional interest could be responsible for price surge

Bitcoin has broken several price levels in 2020 in the ongoing bull market. The bull run followed shortly after a wave of institutional investment in Bitcoin which has resulted in well over half a million Bitcoins being on corporate balance sheets. Adoption has been mentioned as a major driver of price action and analysts believe this may be responsible for the price surge being witnessed right now.

Could this be the only factor responsible for the price surge or could there be something else? At the time of writing this article, Bitcoin is trading at $18,129. As the FOMO has not started yet, a bigger move is probably ahead. Will 2020 record a new all-time high for Bitcoin?

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$10,915: Bitcoin Price Destroys Key Milestone to New 2019 High, What’s Next?

  By CCN Markets: On major crypto exchanges in the likes of Bitstamp and Coinbase, the bitcoin price has achieved a new 2019 high at $10,915 in an overnight rally. As the bitcoin price surpassed the $10,000 mark, a level that has been regarded as a key psychological level by prominent investors and analysts including Tyler Winklevoss and Thomas Lee, the sentiment around the near term trend of the crypto market has significantly improved.

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Bitcoin Price Analysis: How Many Days Can We Trade Sideways?

Decisions by the U.S. Securities and Exchange Commission (SEC) appear to have put a temporary damper on the current Bitcoin rally. Does the quick recovery to $8,250 mean the bull reversal is still intact? Market Overview BTC dipped to $7,900 on the recent denial of the Winklevoss brothers Bitcoin ETF application, and the postponement of Direxion BTC ETF decision by the SEC, but it’s clear that current events were not the sole factor for this Read More The post Bitcoin Price Analysis: How Many Days Can We Trade Sideways? appeared first on Bitcoinist.com.

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