Bitcoin Traders May Experience FOMO Soon, Analyst Says
A popular crypto strategist, known as Credible Crypto, believes that Bitcoin traders are on the verge of experiencing FOMO (fear of missing out). He predicts that if Bitcoin can reclaim a key level, it will initiate a strong upward move. Credible Crypto also mentions that the real FOMO, panic, and disbelief will begin once Bitcoin breaks above the $29,000-$30,000 region. This optimistic outlook comes after news that Grayscale, a digital asset manager, won its lawsuit against the SEC regarding a BTC exchange-traded fund. At the moment, Bitcoin is valued at $27,621, with a nearly 6% increase in the last 24 hours. Credible Crypto believes that Bitcoin will continue to rise while traders wait for lower levels.
- Credible Crypto predicts a strong upward move for Bitcoin if it reclaims a key level.
- The real FOMO, panic, and disbelief will start once Bitcoin breaks above the $29,000-$30,000 region.
- Grayscale’s victory in its lawsuit against the SEC over a BTC ETF approval has boosted Bitcoin.
- Bitcoin’s current value is $27,621, with a nearly 6% increase in the last 24 hours.
- Credible Crypto believes Bitcoin will continue to rise while traders wait for lower levels.
Another Analyst Suggests More Downside for Bitcoin and Ethereum
A fellow analyst, known as Bluntz, does not share the same optimism as Credible Crypto. Bluntz believes that Bitcoin and Ethereum will witness another move to the downside before a true recovery begins. According to Bluntz, Bitcoin and Ethereum need to complete a (5) of C wave before he considers calling bottoms. He also mentions that if Bitcoin goes below $28,770 or Ethereum goes below $1,804, his thesis will be invalidated. Bluntz follows the Elliott Wave theory, which predicts future price action based on crowd psychology manifesting in waves. He predicts that Ethereum will experience one more correction before rallying above $2,000.
- Bluntz predicts another move to the downside for Bitcoin and Ethereum before a true recovery.
- Bitcoin and Ethereum need to complete a (5) of C wave to confirm a bottom.
- Bluntz’s thesis will be invalidated if Bitcoin goes below $28,770 or Ethereum goes below $1,804.
- Bluntz follows the Elliott Wave theory, which predicts future price action based on crowd psychology.
- Ethereum is expected to undergo one more correction before rallying above $2,000 according to Bluntz.
Hot Take: FOMO vs. Downside Predictions
While Credible Crypto expects Bitcoin to ignite FOMO and witness a strong upward move, Bluntz remains cautious and predicts more downside for Bitcoin and Ethereum. The contrasting views showcase the uncertainty and volatility in the crypto market. As a reader, it’s important to stay informed and consider multiple perspectives before making investment decisions.
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