FOMO Rally Sees Bitcoin Moon To $15,400

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Last Updated on 6 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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It looks like Bitcoin waited till the end of a crazy 2020 year to finally go parabolic again and show a repeat of the craziness that was 2017. For anyone that wasn’t in the cryptosphere back then, allow us to remind you: three years ago Bitcoin went in one year from $900 all the way to $20,000.

If you look at the 12-13 March Covid-19 crash of 2020, when the Bitcoin price dropped all the way to $3,800, that would mean that by the end of this year it could go up to (well, let’s try not to get carried away here).

Advertentie.

FOMO reaches mass media

Then again, it looks like even mass media has caught on to the Bitcoin craze this time around in 2020. Even Bloomberg Senior Commodity Strategist, Mike McGlone, now admits that he expects the coin to go parabolic.

McGlone said:

Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again.

New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply.

Fear and greed

As the fear and greed index now jumps all the way over the 90 read, it means that traders are sitting by anxiously at this point to see what will happen.

Although it is enticing to pick up your phone and cash in your profits, hedge fund manager and longterm Bitcoin bull Mike Novogratz advises against just that at this point:

The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain’. This is a $BTC bull market. Your job is to sit on your hands and lock away your phone.

As CryptoTips always advises: do your own research and make your own advised decisions. Never buy Bitcoin without knowing what you actually buy. Good luck everybody.