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The price of bitcoin has become parabolic. Last week, its value increased by almost 40%. But is it time now to launch a FOMO high or full on the moon? We will take a look.
Bitcoin The best asset in the world in 2019
Bitcoin price 00 made the naysayers look stupid again. The BTC has climbed 40% in the past week alone. In addition, the BTC / USD has more than doubled since the December-February lows.
Just yesterday, he passed the $ 7,000 mark on an impressive volume, the highest since the first volume since the April 1st rally. In fact, BitMex has announced it reached a record volume on May 11, a Saturday, however.
New record for BitMEX transaction volume. Praise for volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
– Arthur Hayes (@CryptoHayes) May 12, 2019
The market capitalization of Bitcoin has also added $ 30 billion in value since the beginning of May. In comparison, the market capitalization of each cryptocurrency, with the exception of Bitcoin, increased by only $ 10 billion over the same period. As a result, Bitcoin's market dominance index is now the highest since its record $ 20,000 at the end of 2017.
Indeed, the voices of ardent non-coiners such as Nouriel Roubini, who had danced at Bitcoin's tomb in November, were silent.
Always feel justified @Nouriel ? pic.twitter.com/5KxtnKQAXN
– Jonathan Hamel (@jhamel) May 11, 2019
Blowing or lifting
The parabolic advance we are currently seeing was mentioned by veteran trader Peter Brandt in early April. (Brandt also correctly named the $ 20,000 top of the previous year).
The price of the BTC is already above previous levels of $ 6,000, after which it dropped to its lowest level last November.
This is a very encouraging sign. In particular, when the bitcoin market is now much more mature than it was a few years ago, when the fundamentals could not keep up with the uncontrolled price.
Now, with the last comeback, Brandt seems to be right 50/50 to know if this rally continues to reach $ 10,000 and beyond or if a correction from the top of the bottom is imminent. This is what happens when a steep and fast rise in prices and volumes is followed by an equally sharp and rapid decline.
"Breath or takeoff" he wrote.
Other commentators like ParabolicTrav have pointed out similarities, as well as notable differences, between today and the 2015 summit,
Trend 2015 vs 2019 6H. Note the top 6H candle on 2015 to mark the occasion. It looks like we are not there yet. pic.twitter.com/x7VHQCu7FT
– ParabolicTrav (@parabolictrav) May 12, 2019
It should also be noted that the current rally has completely canceled the "Bitfinex premium". In fact, BTC is now trading around $ 100 more than Bitstamp.
The public is always on the fringe
Meanwhile, the general public is still unaware of the recent rise in the price of bitcoin. Data from Google Trends shows that interest in 'Bitcoin' is just starting to increase.
The 60% increase recorded over the last 3 months had reached $ 5,000 when prices rose on April 1st.
But like Bitcoinist reported last month, people are mostly interested in Bitcoin or the purchase of Bitcoin only after a significant price movement.
This is precisely why the fund manager, like Tom Lee, prefers "hodl" because it turns out that this strategy is much more lucrative. In fact, this is the best way to not miss the Bitcoin rocket, as it historically generates most of its annual earnings in just ten days.
Lee also shared a Twitter survey which gives an overview of the possible point of FOMO could be this time around.
Hitting the $ 10,000 mark would break a major psychological barrier, as many people will realize that bitcoin is actually not dead. In addition, many will try to buy back with the $ 20,000 prize still in their minds.
On more than 4000 participants:
- 44% chose $ 10K,
- 32% chose over $ 20,000
- 24% think that FOMO is already underway.
Will the price of bitcoin increase or is a collapse imminent? Share your thoughts below!
Images via Shutterstock, Twitter, Google Trends
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