Major Reasons Pushed Bitcoin Higher - FOMO?
The rate of Bitcoin rose and reached the stage of $65,000 in April, then fell to less than $30,000 in the month of July, and back to a new all-time excessive yesterday, October 20.
Many analysts and followers are drawing comparisons between the market dynamics in April and now, analyzing the motives for the severity of this rally.
Here are some of the reasons that may want to make Bitcoin extra bullish than before:
The unfold of FOMO feelings:
One of the foremost catalysts for the Bitcoin rate rally to record stages is the horde of retail traders speeding to purchase Bitcoin in the previous hours.
This is what is many times referred to as the fear of missing out, or FOMO, and we noticed this in 2017 and in April of this year, and data from Google Trends confirms this:
The above chart from the past 5 years suggests that in December 2017, when Bitcoin peaked at round $20,000, Bitcoin searches reached an all-time high.
It additionally commenced increasing in April of this year, when bitcoin hit an all-time high simply below $65,000.
Now, there are no actual signs of retail traders in the market.
This skill that we are no longer even close to real FOMO levels, which makes many trust that there is a lot of upside ahead.
