‘Extreme greed’ and FOMO taking hold as BTC nudges $16K

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Bitcoin has simply powered as much as its highest worth since January 8, 2018, knocking on the door of $16,000 as FOMO grips the markets as soon as once more.

In a transfer upwards that has added greater than 12% over the previous 24 hours, Bitcoin prices touched their highest ranges for 33 months reaching $15,980 throughout early buying and selling in Asia at the moment, November 6, in keeping with Tradingview.com.

The $16K stage could kind resistance since there have been two weekly closes at $16,100 in early January 2018 so if this week’s candle can maintain on to those ranges, there may very well be a push larger in direction of that elusive all-time excessive. Chart patterns are at present paying homage to these in late November 2017 when BTC made a fast push from $7K to high $16K in simply three weeks.

Analysts have noted that the worth of Bitcoin is now 80% of its all-time excessive, the closest it has ever been to full restoration, which has solely taken 12 days on common from these ranges to ATH traditionally.

On the flip facet, merchants could begin to take some revenue right here which may end in a pullback.

The ‘Fear and Greed Index’ is at present cranked over into the ‘excessive greed’ zone at 90. The final time it was this excessive was in June 2019 when it reached 92 as Bitcoin powered to its highest worth for that 12 months at just below $14K.

Skilled traders equivalent to billionaire former hedge fund supervisor Mike Novogratz suggested towards emotion based mostly promoting in a recent tweet.

“The toughest factor to do in a bull market is to sit down. My pal Paul Jones calls it the ‘ache of the achieve’. This can be a $BTC bull market. Your job is to sit down in your arms and lock away your telephone.”

The U.S. election outcomes could have been the catalyst for this week’s rally as Joe Biden extends his lead over Donald Trump with the counting virtually concluded. On the time of press, Biden was main by 264 to 214 within the race to 270 with simply 5 states left to go. Sq. has additionally simply reported document breaking income and revenue from Bitcoin gross sales on its Money App.