Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts

Tony "The Bull" Severino

1 year ago

2 mins read

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Yesterday, on the United States holiday dubbed Independence Day, the price of Bitcoin fell from $12,000 to just over $11,000 from daily candle open to close, providing fireworks for traders who spent the day in front of price charts instead of being poolside at a barbecue sipping on a cold Budweiser.

However, in previous holidays, there’s been a direct correlation between these key dates and massive increases in Bitcoin price. New research provided by a cryptocurrency analytics firm sheds light into exactly which holidays Bitcoin has increased on, and explores some theories behind why holidays tend to cause FOMO in Bitcoin markets.

Holidays Show Direct Correlation in Bitcoin Price Increases, But Why?

According to a new study from self-proclaimed “institution-grade” crypto insights and analytics firm SFOX, their team of researchers spotted the pretty convincing correlation between holidays like Independence Day, Thanksgiving, and Christmas, often has with the first ever cryptocurrency, Bitcoin.

The firm shared their findings ahead of the Independence Day holiday, expecting Bitcoin to rise amidst increasing bullish sentiment across cryptocurrency markets in recent months. However, Bitcoin nosedived nearly $1,000 in the 24 hours of the United States birthday celebration.

But SFOX had plenty of reason to expect such a result from the holiday. Their research shows that many holidays in the past have caused Bitcoin to skyrocket.

The best example of this was demonstrated during the 2017 cryptocurrency market bull run that capture the interest of the mainstream retail investing public, when the rally really began to take shape following Thanksgiving of that year.

Bitcoin had already been making headlines, overcoming its previous all-time high of just over $1,000. Then it broke $5,000 and then $10,000, with each new price level acting as a major FOMO trigger, pulling in more people who had just been learning of the cryptocurrency for the first time in their lives.

The FOMO had taken the price of Bitcoin to it’s all-time high of $20,000 before Christmas hit, but even after that high was set, both Christmas and New Year’s Eve led to sharp rises in Bitcoin price during each of the holiday days.

But why does such a phenomenon occur? While being told about the cryptocurrency during family dinner discussions, the talk of untold wealth and a misunderstood magic internet money was a story all too alluring for anyone to miss out on.

In fact, while there is much risk in investing in cryptocurrency like Bitcoin, Cameron Winklevoss says it’s actually far crazier not to invest in what he and his twin brother call the “future of money.”

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.