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crypto retail fomo bitcoin
Nexo Logo

Powerful Retail Crypto FOMO Spikes As Institutions Take Pause

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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Bitcoin price is trading just below the key price of $10,000 said to be a FOMO trigger for a major crypto bull rally, but retail FOMO is already spiking according to data.

However, as retail interest spikes, institutional interest is down. Can retail FOMO be enough to spark another bull market, or are institutions necessary for the bigger push?

Retail Buyers Drive Recent Crypto Rally, While Institutions Wait For Breakout

Bitcoin price is at yet another critical junction. The crypto asset’s block reward halving is now in the past, yet the insanely bullish impulse that was expected has yet to happen.

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The combination of surging interest surrounding the halving along with low prices as a result of the Black Thursday crypto market crash caused a spark in retail buying.

Coinciding with all of this, the US government began issuing stimulus checks to individual taxpayers. Some of this money, made its way into Bitcoin and other crypto assets, according to Coinbase data.

Related Reading | Bitcoin Expert: Mentally Prepare, $10,000 May Take Another 100 Days To Break 

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Data showed an immediate uptick in Bitocin purchased of $1,200, the exact amount of stimulus that was issued at maximum.

Since then Bitcoin price has been on a steady climb and has found itself retesting $10,000 once again.

Thus far, the leading crypto asset by market cap only was able to hold above it briefly before it was rejected.

But even after repeated crashes, Bitcoin price is right back up under high timeframe resistance once again and appears to be poised to take it out for the final time.

FOMO kickin' in hard.#Bitcoin #CME #COT pic.twitter.com/gbUpxu6nEF

— Livercoin (@livercoin) May 19, 2020

Can Retail FOMO Push Bitcoin Price From $10,000 To $20,000 Once Again?

Data shows that retail FOMO is only growing further as Bitcoin price climbs higher. And while institutional interest from the likes of Paul Tudor Jones helped the crypto asset grow from lows, interest from that subset of investors has vanished.

But retail FOMO may be more than enough to take Bitcoin price to a new all-time high.

Natural bottoming and a crypto bear cycle ending caused Bitcoin prices to rise in late 2016, then in early 2017, it turned to FOMO.

FOMO eventually turned into feverish panic-buying of Bitcoin and altcoins at any price, causing a bubble to inflate.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend

In November 2017, BTC was trading at $10,000, and just a month later spiked to $20,000.

Now that Bitcoin price is back at the key level, could another breakthrough of resistance cause yet another immediately spike to retest all-time high?

It’s possible. Due to that asset’s low supply and illiquid market, any surge in demand causes valuations to skyrocket. That’s exactly why when Bitcoin does rally, it grows parabolically until that momentum runs out.

For now, any momentum is being driven by retail FOMO, and they just might push Bitcoin price back to a new all-time high.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTcryptoFOMOretailxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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