[2019-07-04]Bitcoin Could See FOMO Fireworks For 4th of July: New Report

[Vladdirescu87]

A new report from crypto analytics site SFOX suggests bitcoin (BTC) could see a price hike on American Independence Day — July 4th.

In a July 3 blog post, SFOX analyzes the apparent impact that holidays can have during a crypto bull market, arguing that they appear to spark fresh FOMO — or fear of missing out:

“Thanksgiving of 2017 marked the beginning of bitcoin’s run-up from the low $8000’s to its peak of almost $20,000 on December 17th [...] in February of 2019 during the two week Spring Festival celebrated throughout China [...] the price to buy bitcoin climbed 14%, from $3419.17 to $3908.97, peaking at $4027.83 a few days later before deflating back to the $3750 level.”

Holiday-driven price fluctuations appear to be backed by Google Trends data for retail interest in bitcoin, SFOX notes, remarking that during the winter 2017 bull run, United States search volume for ‘bitcoin’ surged in the days immediately following both Christmas and New Year.

https://cointelegraph.com/news/bitcoin-could-see-fomo-fireworks-for-4th-of-july-new-report

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[Mahanton]

And where that FOMO Fireworks?We are already on 5th but we do only see a typical volatility or just an ordinary day with BTC price.

Fundamentals like these aren't really that precise for us to presume on what would happen into its price.So most of the time it isn't really that something worthy to spot it out.

[Kemarit]

There are no correlation what so ever with any holidays to Bitcoin price. We also heard that same argument, specially last 2018, wherein we are in the bear market that after the Lunar Chinese New Year, Chinese will start to flock into Bitcoin again, but we did see the opposite. As we check the price today it plummeted, indication that the report is purely garbage because and there are not FOMO. On the contrary, majority did dump in order to have fiat money to celebrate the occasions. 

[hatshepsut93]

And where that FOMO Fireworks?We are already on 5th but we do only see a typical volatility or just an ordinary day with BTC price.

Fundamentals like these aren't really that precise for us to presume on what would happen into its price.So most of the time it isn't really that something worthy to spot it out.

Crypto journalists are quite prone to cherry-pick their data to support their claims. Instead of taking the data on all major holidays in the recent years and analyzing how often it coincided with price increase and how often it did not, they just took a few examples of when it did and think that they've uncovered a fundamental rule of this market. Sites like cointelegraph and coindesk are the worst places one can take trading advice from in crypto space.

[Schirer]

And another fake correlation bites the dust. No fireworks for Bitcoin. I dont think that holidays could have impact these days , since most of the population especially in USA are well informed about Bitcoin..  Back at the day, when this correlation was true, people were not aware of bitcoin and its potential.

[LeGaulois]

The typical bullshit article, you can verify yourself. What happened yesterday? Alright, nothing.

Perhaps I should create a blog too and use every public holiday and religious celebrations to make all kinds of predictions.
- Christmas is coming! Buy buy buy!
- Tomorrow is Easter, Sell Sell Sell!
- Next week is the apocalypse, Bitcoin will go to the moon!

All backed with data coming from google, twitter, whatever... turning them to make you believe that  what I say is credible and accurate

[1Referee]

As we check the price today it plummeted, indication that the report is purely garbage because and there are not FOMO.

Yep. The only fireworks we got yesterday was a $1000 dump, which we currently are recovering from. If you shorted this crap you would have made a pretty penny.

When news outlets say that we're due for FOMO, know that they will be wrong more often wrong than right. CNBC has proven to be a reliable counter indicator 9 out of 10 times. Recently CNBC has been pretty quiet which might indicate that there is room for more upwards momentum.

The thing with news outlets predicting certain movements is that a new day means a new prediction. They don't care about how many times they were wrong in the past.