i am always fascinated by the FOMOs that keep happening in bitcoin market. earlier this year i created two topics on two different occasions about it
the small inital FOMO in first stage and
another FOMO with a bigger leg up.
with the current situation where price has come down below the $10k support line and the fact that a lot of weak hands were flushed out, i am guessing pretty soon after the drama ended we are going to see another FOMO market shape up bringing in a lot of money like a tsunami. this time if the momentum could build up we could see $20k before the end of the year.
what do you think about the size of the upcoming FOMO? can we see a bubble in short term this time or will it be like last time (small just to kick start the rise)?
This is a great way of thinking during a bear run but it is not something we can prove in any way at all.
Surely when the weak hands are flushed we can say that bitcoin right now is held by people who actually believe in it (and traders) but that doesn't mean it will continue to go up, first we need to make sure the whales who are trying to make money doesn't sell.
Maybe "weak" hands are gone but the whales are not and they can still buy a million dollar worth short futures and then sell 10 million dollars worth of bitcoin all at once and make a ton of money thanks to leverage as well. Hence we are not certain right now, does the future look brighter for bitcoin? Sure, it does but that doesn't mean it will certainly be better, it just means it is "probably" better.