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Tom Lee has once again championed the idea of FOMO and it’s potential to catalyze Bitcoin to new heights. Now, as FOMO levels reach an apparent peak, Lee suggests that Bitcoin may see some fireworks this week…
The fear of missing out or, FOMO, has been a topic keen topic of discussion of late, especially as we reach bitcoin (BTC) prices not seen since the last bull run in 2017.
Tom Lee, a key proponent of the principles of FOMO, now states that levels of the aforementioned fear of missing out have reached their peak, noting that Bitcoin has been acting “differently” since crossing $10k – supposedly inline with “Level 10 FOMO”
#bitcoin has acted very differently since crossing above $10,000–a level we defined as Level 10 FOMO as it only represented 3% of historical days.
— Thomas Lee (@fundstrat) July 4, 2019
This week we may see #fireworks for $BTC 🎉🚀🎉🚀😁 https://t.co/FgHReyMLLH pic.twitter.com/NwOKnBnL7l
Lee is clearly bullish on BTC right now, in fact, in response to a comment, promising to buy him a car if BTC ever hit $50K, lee responded that it would cross that level sooner than most people think:
We will cross that level sooner than most think...
— Thomas Lee (@fundstrat) July 4, 2019
Level 10 FOMO represents Bitcoin at a price only seen around 3% of its history, which lines nicely up with the $10k mark. Interestingly, Lee was right on the money with the supposition. Soon after BTC hit $10k, FOMO did indeed seem to kick in, with price shooting right up to touch $14k, before a 30% correction was witnessed.
What do you think? Will we see fireworks this week? Or does Bitcoin have further to correct? Let us know the comments below!