Bitcoin, Speculations and FOMO

[kryptqnick]

The exciting and wild big bull run in 2017 was attributed by many to the heavy speculations and when bitcoin waned the market panic which partly resulted into the bitcoin winter that affected us in 2018. Now, in 2019, bitcoin started to show its bullish side and this time around it is attributed to FOMO (fear of missing out).

When bitcoin can go beyond the $10,000 psychological barrier, what do you think they will attach it to?  I guess the honor will go to aliens (just kidding). Seriously speaking, what can be wrong with these scenarios?

I don't really understand what kind of attaching you are asking about. Do you mean the proposed reasons for the price barrier being behind? I don't think that the market back in 2017 grew only because of speculations and now is growing out of FOMO. I think 2017 was also about investing now to be among those who did not miss the opportunity, whereas the current market growth can be attributed to various factors, such as a long belated correction after more than a year of the bearish trend, the number of users growing every day, the increasing popularity of Bitcoin etc. What I think is the difference between then and now is that now the pace is slower, and the community is more mature (no panic selling after articles about hacks, unfavorable legislation, etc.).

[traderethereum]

I think bitcoin still need time to reach $10,000 and maybe we will not see bitcoin increase higher in a short time.
I don't think that will be wrong with those scenarios because we already have seen so many predictions about the market and the truth we still don't know where the market wants to go.
The FOMO will always be there no matter if bitcoin price increase higher or not because they are afraid of missing something at the market.

[maldini]

I think bitcoin still need time to reach $10,000 and maybe we will not see bitcoin increase higher in a short time.
I don't think that will be wrong with those scenarios because we already have seen so many predictions about the market and the truth we still don't know where the market wants to go.
The FOMO will always be there no matter if bitcoin price increase higher or not because they are afraid of missing something at the market.

Indeed, FOMO's habits will not be lost in the soul of the merchant, I think you and everyone trading have that habit. And I think bitcoin is starting to show a bullish side not only because of FOMO, this is more because investors are starting to return after the bitcoin signal in early April and followed by the emergence of the IEO.

[anehh]

Actually bitcoin will be easy to rise above $ 10k or even touch $ 12k in this 2019. Last week the price of bitcoin reached $ 8900, and it was very easy in 1x of movement. Indeed bulls don't go as far as 2017 ($20k), but there are signs that bitcoin will continue to grow rapidly at the end of this year, or at least mid Q4. Let's look at the graph in a few weeks. Not FOMO.

[rosezionjohn]

people always come up with weird reasons for both bitcoin rises and falls mostly because they can't explain the rise and falls so they stick to superstitions. in this cases it was FOMO, it was panic and all that but they  weren't the only reasons and not even the biggest ones.

to be honest, I was like this before. Easily blaming FUD or FOMO.

for example in 2017 the biggest reason for the rise were the adoption! in case you have forgotten we had a couple of countries mass adopt bitcoin as a currency (aka a legal way of payment) by their government and at least one of them removed taxes on bitcoin payments. we also had the scaling wars that had lasted more than 3 years come to an end. in fact i am sometimes surprised why it didn't go up more than $20k!

I am not sure which countries you are referring to, but I believe Japan is one of them. It was last year when I read a similar post explaining the Bitcoin rise to $20K.

[EdvinZ]

Many people think that FOMO will begin when Bitcoin overcomes $10,000, which is just half of its maximum value. Some fundamental news may push the price to this mark. Also, the expected halving of the reward for a Bitcoin block can contribute to this.

[Pursuer]

in the end it doesn't matter what people guess about bitcoin and the reason why its price is rising and falling at different times. the only thing that matters is that bitcoin is doing its own thing regardless of all this speculation. people can call the rise from $0 to $8000 a 10 year FOMO and it still wouldn't change the fact that price is rising and continues to rise. in other words the real reasons are there and are pulling the price upwards every day whether we hear about them from these speculators or not.

[Moiyah]

If ever it reaches 10K and above again, it will be because of fundamentals and adoption and a lot of FOMO and price manipulation. It will be the same cycle until bitcoin grows large enough that whales will not be able to manipulate it. It will be years more before it happens.

No doubt about price manipulation of whales. But it is not easy. See the immediate downfall of bitcoin when he finally reached $9,000? FOMO always enters the crypto market whenever unexpected downfall has been experienced. But if we are confident enough that $10,000 is just around the corner, we couldn't be fall on FOMO. Selling right away will not give you enough profits. Patience is always the key here.

[creeps]

Many people think that FOMO will begin when Bitcoin overcomes $10,000, which is just half of its maximum value. Some fundamental news may push the price to this mark. Also, the expected halving of the reward for a Bitcoin block can contribute to this.

FOMO on any market will never stop because investors will hype a thing and if the new investors saw that news, for sure they will bite and invest money because they think that will last more. FOMO is not good, but if we already have the experience in this market we can just see that FOMO is just a short period of time, and later on those who invest will suffer. Its sad that the price of bitcoin was being played like this.

[TahuDiniHari]

I think this analysis and question makes sense, if it is like that, I think 2020 can be a very good time for bitcoin, BTC will skyrocket again.

[Hemady17]

Probably be the same thing: FOMO and speculation as there seems to be no other driving force for bitcoin to go beyond crazy levels. Manipulation is one factor but given that there are a lot exchanges and different platforms out there, manipulators can only do so much, perhaps inspire/trigger a FOMO effect and let the magic happen from that point forward.

Honestly I won't be mad if this time they attribute it to aliens but oh well..

This is the dillema of the trader like me. I don't know if when I can enter or exist in the market. Maybe today, I will enter the minimum price but later on, it will goes more down. Due to FOMO, many people are expecting that bitcoin bullish just in a minute or in an hour. It really triggers the market a lot. However, because of ignorance bitcoin easily goes down.

[candra raditya]

The price of 10k is likely to be achieved soon by Bitcoin, in 2019 the movement of bitcoin is very good and will soon pass the price of 10k and even surpass it.

[Adriano2010]

If 10k will be reach then people who buy on bull run will think they have a good chance for a new ATH and will hold until they can get a profit, but indeed people who buy on bull run maybe lose hope because bitcoin drop a lot last year.

[killat]

Price manipulation and speculations are the foundation of all price movement that occurs throughout the crypto currency market.... and it isn't a bad thing.... It's a good thing.

Price manipulation is always 'initially' a very inexpensive excercise.. Untill you have attracted genuine buyers into your asset... Genuine buyers = Genuine sellers...

Without genuine sellers, you can buy and sell to yourself all day/night/week/month/year - the price will increase, as will the volume - BUT, this ALWAYS attracts genuine buyers. Which is when you have to start spending money.

When genuine buyers buy into an asset at an artificially high price, they place their sell orders at levels that are even higher than the initial artificial price level.

[acsalles]

For bitcoin in 2019 there was a lot of volatility. Especially at the end of the year, Bitcoin has tended to decrease because traders have heard a lot of bad news about it. But Bitcoin is still the king of cryptocurrencies, and maybe early 2020 will be a big leap for bitcoin

[msarro]

To be a successful trader I think one must be wise enough not to follow speculation, avoid FOMO and overlook FUD. I remember in bull run 2017, there was speculation that BTC next target will be 50k in 2018. Many bought due to these speculations and are still struck up.
Just buy BTC and HODL, BTC will never disappoint you.

[Baofeng]

Nothing is wrong since bitcoin is touted to be an speculative asset today. I remember putting this thread in May, Where's FOMO at? Tom Lee.

So obviously when we reach that $10k, the price suddenly shoots up around that May-June, and it's the FOMO that drive the market that time. And now we are waiting for the block halving next year and see where this FOMO will take us, $20k?$40k? $50k?

[Wintersoldier]

Nothing is wrong since bitcoin is touted to be an speculative asset today. I remember putting this thread in May, Where's FOMO at? Tom Lee.

So obviously when we reach that $10k, the price suddenly shoots up around that May-June, and it's the FOMO that drive the market that time. And now we are waiting for the block halving next year and see where this FOMO will take us, $20k?$40k? $50k?

At those times when market breaks the resistance level in 10k dollar market price, that will be the start when investors and traders will think about FOMO. Basically, the small investors in the market will not lose that opportunity as there is enough reason for them to trust the market with their funds. But concerning with the market price which could be the next ATH, I don't really think it can boost way up higher than 25k, I do really believe that the altcoin season before is the biggest factor of that market increase.

[qiman]

I think though now FOMO is at it's lowest as we go into the Holiday Season adn then after the new year we are also going to have the Chinese New year also. I believe many will unload their BTC at these times and those trading on Bitmex etc will be shorting heavily. I see the price dropping at least another 30-40% by the end of the Chinese new year, so that is the time to be loading up after the Chinese new year before the spring time comes. Then it will most probably pump again. Every since futures market came to Bitcoin, market has never been the same again.

[EdvinZ]

FOMO definitely leads to faster growth. This is human psychology. People want fast money right now rather than waiting for investment returns for a long time. I think that's why we're seeing such big pumps and the subsequent sharp decline in digital asset prices.