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Adam Samson, global head of FastFT at the Financial Times recently tweeted a Fundstrat chart that seems to suggest we are nearing level 10 FOMO in the Bitcoin market. Thomas Lee, co-founder of Fundstrat responded, saying the graph actually shows the “real FOMO” begins when we hit $10,000.
We are apparently headed straight for LEVEL 10 FOMO in the #bitcoin market (via @fundstrat) pic.twitter.com/YzFkrazWz2
— Adam Samson (@adamsamson) May 29, 2019
As the graph shows, level five FOMO was triggered when Bitcoin’s price hit $8,350, which is the equivalent to Bitcoin’s price of $3,200 seen in 2017. Now that Bitcoin is trading closer to $9,000, Samson states we are nearing level 10 FOMO, or full-blown.
However, Tom Lee states that the real point of the graph is to show that “real FOMO” probably only begins when Bitcoin exceeds $10,000 as this price is only seen on 3% of all days. This is mathematically equivalent to Bitcoin hitting $4,500 in 2017, which, with hindsight, was the price level that triggered major FOMO.
Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days...
— Thomas Lee (@fundstrat) May 29, 2019
...mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
Independent research company, Black Moon Research joined the discussion. They predicted retail investors “will start filling more bags at 10k” and continue to do so all the way to 50k. Bitcoin will then see a 90% drop back to 10k, at which point Bitcoin will be declared dead and a scam again.
They elaborate, stating that until the average person understands Bitcoin, “we have room to grow.”
Retail bag holders from 20k will start filling more bags at 10k. Buy all the way up to 50k. Then, we'll drop 90% to 10k and Bitcoin will be "dead" & a "scam" again.
— Black Moon Research 🌑 (@BlackMoonRes) May 29, 2019
Top indicator for that is qualitative, until the average person understands what Bitcoin is, we have room to grow