another major resistance broke and the FOMO began

[BrewMaster]

today marks both a new price record for bitcoin in its decade long history and yet another case of a big FOMO that starts every time a major resistance is broken.
although we are going to see them quite often this year as this is going to be a bigger copy of 2017 as a fresh money starts coming into bitcoin once again.
similar to 2017 it could be expected that the trend continues all through the year with some slow down mid year with the real bubble at the end of the year.

what do you think?

[JimboToronto]

Nothing new. Many of us have been calling this for months. The big question is how far does it go.

Among seasoned Bitcoiners, $100k is a bare minimum. That's when the party begins (although the actual physical party may have to wait due to Covid).

Many are calling for something in the $300k-$400k range. People with as few as 10 coins could be multi-millionaires.

[The Cryptovator]

Yes, as you said too much fresh money entering on Bitcoin. I think many institutional investors are accumulating Bitcoin. As a result, created a market crisis that has lead price bump. Currently, Bitcoin trading above $32K and touched $33K on Binance. It's quite surprising I sold my Bitcoin a few hours back at $28.7K. Seems the market is just bumping and bumping. It's just not a copy of 2017 but also more advanced than it as we have already seen. If market growth continues like this, then most likely we will $40K breakout very soon. I am wondering where are the haters?

[BrewMaster]

I think many institutional investors are accumulating Bitcoin.

i'm not yet convinced about this to be the main reason even though i keep hearing it used as the reason.
most institutional investors are already in and have bought the majority of the coins they wanted to buy. some of them did it months ago.
they also don't go to bitcoin exchanges to buy bitcoin, they go through other channels which means they don't really affect the price that we see in the market.

[pealr12]

Fomo is really kicking in, more fresh money will keep coming because many could not believe what is happening,  all the 2017 ATH buyers are witnessing a revolution and are no longer feeling bad for buying at the top because we have a more attractive ath now,
Btc have all my respect, from $3500 to $32k+ and counting is record breaking.

[passwordnow]

Google trends show for this season is still little than what we have on 2017. I think it will push more the whole year and then the real bears will appear on 2022. I agree with Jimbo that $100k was the call for most who will see this bull to be running throughout the year.

Btc have all my respect, from $3500 to $32k+ and counting is record breaking.

I've remembered those people who are still waiting for the bottom on $3k.

[tokeweed]

today marks both a new price record for bitcoin in its decade long history and yet another case of a big FOMO that starts every time a major resistance is broken.
although we are going to see them quite often this year as this is going to be a bigger copy of 2017 as a fresh money starts coming into bitcoin once again.
similar to 2017 it could be expected that the trend continues all through the year with some slow down mid year with the real bubble at the end of the year.

what do you think?

Dunno...  Just from how fast it broke 30k and the way the chart looks, it feels more like the 2013 run.

Anyway, missed this one.  Makes me wish I listened to all the maxis around here.  Lol.  Congrats to all who held.

[UnDerDoG81]

Nothing new. Many of us have been calling this for months. The big question is how far does it go.

Among seasoned Bitcoiners, $100k is a bare minimum. That's when the party begins (although the actual physical party may have to wait due to Covid).

Many are calling for something in the $300k-$400k range. People with as few as 10 coins could be multi-millionaires.

If you and hundreds of others are right and we are heading to 300-400k end of 2021, the 33k is just a nice bump on the road. With adding 1k every day, the goal would be reached at the end of 2021. And who knows what money will be worth end of 2021. Maybe we will have hyperinflation globally.

[darewaller]

Bullish sentiment is something that can be erased very very quickly. I remember why 2018 was such a bad year, because when we reached peak point at November 2017 there were tons of whales who ended up selling, those were the days most of the early investors got out, all those people who bought under 30 dollars started to sell, I am sure some of them are still around but a lot of them sold and considering they were capable of selling thousands of bitcoin easily (because they made so much bitcoin on early days even with mining) that became something a bit more different, where people would come out and sell tens of thousands of bitcoin.

This time around we do not have that just yet, so it looks like its bullish right now, but the moment someone comes out and sells tens of thousands of bitcoin, everyone else will start to sell their bitcoin as well.

[BrewMaster]

Google trends show for this season is still little than what we have on 2017.

that is because the "hype" that eventually leads to higher google searches (showing up in google trends) is just getting started and it would take a couple of months of FOMO before it picks up.

also don't forget that we are in holiday season, literary second day of the new year, so most people haven't even heard about this rise let alone want to FOMO buy

I've remembered those people who are still waiting for the bottom on $3k.

i mainly remember those who were waiting (and encouraging others to wait) for $1500.

[wxa7115]

Nothing new. Many of us have been calling this for months. The big question is how far does it go.

Among seasoned Bitcoiners, $100k is a bare minimum. That's when the party begins (although the actual physical party may have to wait due to Covid).

Many are calling for something in the $300k-$400k range. People with as few as 10 coins could be multi-millionaires.

We are in a point in which anything is possible, the bull run this time is going to be massive but there are a few things that worry me, first of all I am sure that governments all over the world are keeping an eye on bitcoin and what it is doing now and they are not liking it one bit, they are seeing that bitcoin is acting as a store of value and protecting people from their money printing policies so what will they do?

I think there is an important possibility that governments all over the world will make bitcoin illegal and begin to actually prosecute people that keep holding their bitcoin under those circumstances, this may seem impossible but I think they are seeing they are losing control of the economy and when that happens they cannot allow such a powerful competitor to remain unaffected and even thrive under the current circumstances.

[MOB]

Bullish sentiment is something that can be erased very very quickly. I remember why 2018 was such a bad year, because when we reached peak point at November 2017 there were tons of whales who ended up selling, those were the days most of the early investors got out, all those people who bought under 30 dollars started to sell, I am sure some of them are still around but a lot of them sold and considering they were capable of selling thousands of bitcoin easily (because they made so much bitcoin on early days even with mining) that became something a bit more different, where people would come out and sell tens of thousands of bitcoin.

This time around we do not have that just yet, so it looks like its bullish right now, but the moment someone comes out and sells tens of thousands of bitcoin, everyone else will start to sell their bitcoin as well.

Definitely this. BTC is just one whale away from dumping to 29k with that whale selling only a few hundred of their thousands of coins. This rally will see some real pull back when a whale decides to sell, and I would think one will soon as with a new year comes a new tax season.

Will buyers (and institutions, and grayscale) be able to absorb the selling? I'm optimistic they can, but it wouldn't be BTC if we don't revisit 20K with some random selling at 3:42AM across every exchange. When it happens, you know some person just became a billionaire in fiat terms. Have fun with the taxes!

[testerx]

Bullish sentiment is something that can be erased very very quickly. I remember why 2018 was such a bad year, because when we reached peak point at November 2017 there were tons of whales who ended up selling, those were the days most of the early investors got out, all those people who bought under 30 dollars started to sell, I am sure some of them are still around but a lot of them sold and considering they were capable of selling thousands of bitcoin easily (because they made so much bitcoin on early days even with mining) that became something a bit more different, where people would come out and sell tens of thousands of bitcoin.

This time around we do not have that just yet, so it looks like its bullish right now, but the moment someone comes out and sells tens of thousands of bitcoin, everyone else will start to sell their bitcoin as well.

Definitely this. BTC is just one whale away from dumping to 29k with that whale selling only a few hundred of their thousands of coins. This rally will see some real pull back when a whale decides to sell, and I would think one will soon as with a new year comes a new tax season.

Will buyers (and institutions, and grayscale) be able to absorb the selling? I'm optimistic they can, but it wouldn't be BTC if we don't revisit 20K with some random selling at 3:42AM across every exchange. When it happens, you know some person just became a billionaire in fiat terms. Have fun with the taxes!

And here I thought was the only 2011er who logged in for old times' sake today. Are you one of the whales now?
I wish I had tried to join the Vladmir club instead of playing too much satoshidice and sealswithclubs.

[passwordnow]

Google trends show for this season is still little than what we have on 2017.

that is because the "hype" that eventually leads to higher google searches (showing up in google trends) is just getting started and it would take a couple of months of FOMO before it picks up.

also don't forget that we are in holiday season, literary second day of the new year, so most people haven't even heard about this rise let alone want to FOMO buy

This may lead to a longer stay. The year of 2020 seems to be one of the best from the lowest to the highest ATH that it had done but 2021 is just getting started and we're having a lot of surprises already and making everything easy for it to cross to new levels and ATHs.

I've remembered those people who are still waiting for the bottom on $3k.

i mainly remember those who were waiting (and encouraging others to wait) for $1500.

Sorry for them and if they have never picked while it was under $20k, they've waited for nothing.

[STT]

FOMO and Foam sounds quite similar, I know without backtracking and at least some checks on prices moving over a weekend then entering into varying circumstances during a working week I have less confidence.   It has to fight its way up or I dont think it lasts, its untempered and weaker without a few hammer blows here and there.
   Its corrected just now and then regained some, just watching that for strength but really I think Monday is the time to be awake for wider direction.   First day back in the new year, some people been away on holidays etc. and their opinion and involvement matters.

[Wysi]

I think this year would be bit different than 2017/2018 as the bull run lasted for hardly 2 months last time but this time it would last for more than that (atleast 6 months) due to continuous cash inflow and this time bitcoin is receiving investment from both institutions as well as users like us who don't want to miss out one more opportunity as Bitcoin might break all the barriers again as it did cross $30k today. FOMO will always be there which is the reason for panic selling as well.

[STT]

It wasnt 2 months, I clearly noticed it at Feb 2017 and I was the late and negligent in my attentions but it was more erratic then this current rise; the lowest prices which is the important part not the peaks that was rising for over a year.   Arguably it was ignited similarly by the halvening event and the lapse or healing of the last sell and peak in 2013, we regained and exceeded that by far.     Some might say well the last peak prior to now and fallout was from 19k so if had similar magnitude its not done until 190k.    Could be that way if dollar DXY loses for all of 2021 like it dropped in 2017 but I think we get some profit taking, some fears with selling along the course and yet its still bullish on this lowest price trend.

[ene1980]

i'm not yet convinced about this to be the main reason even though i keep hearing it used as the reason.
most institutional investors are already in and have bought the majority of the coins they wanted to buy. some of them did it months ago.
they also don't go to bitcoin exchanges to buy bitcoin, they go through other channels which means they don't really affect the price that we see in the market.

I am not convinced that casual investors will be investing when the market is riding high and it could take the market to these levels in a short period of time. Although i am not certain from where these investments are coming from i am still assuming that the institutional investors as the reason for these rallies even though they purchase bulk amounts outside the exchanges.

[MOB]

Bullish sentiment is something that can be erased very very quickly. I remember why 2018 was such a bad year, because when we reached peak point at November 2017 there were tons of whales who ended up selling, those were the days most of the early investors got out, all those people who bought under 30 dollars started to sell, I am sure some of them are still around but a lot of them sold and considering they were capable of selling thousands of bitcoin easily (because they made so much bitcoin on early days even with mining) that became something a bit more different, where people would come out and sell tens of thousands of bitcoin.

This time around we do not have that just yet, so it looks like its bullish right now, but the moment someone comes out and sells tens of thousands of bitcoin, everyone else will start to sell their bitcoin as well.

Definitely this. BTC is just one whale away from dumping to 29k with that whale selling only a few hundred of their thousands of coins. This rally will see some real pull back when a whale decides to sell, and I would think one will soon as with a new year comes a new tax season.

Will buyers (and institutions, and grayscale) be able to absorb the selling? I'm optimistic they can, but it wouldn't be BTC if we don't revisit 20K with some random selling at 3:42AM across every exchange. When it happens, you know some person just became a billionaire in fiat terms. Have fun with the taxes!

And here I thought was the only 2011er who logged in for old times' sake today. Are you one of the whales now?
I wish I had tried to join the Vladmir club instead of playing too much satoshidice and sealswithclubs.

hah, I see we joined just a few days apart! Oh no, I'm no whale. Just a small time timer who keeps selling during bubbles but neglecting to buy it all back when it crashes. I wish I had joined Vlad as well ;p

[thecodebear]

I think many institutional investors are accumulating Bitcoin.

i'm not yet convinced about this to be the main reason even though i keep hearing it used as the reason.
most institutional investors are already in and have bought the majority of the coins they wanted to buy. some of them did it months ago.
they also don't go to bitcoin exchanges to buy bitcoin, they go through other channels which means they don't really affect the price that we see in the market.

Umm, this is completely wrong.
Institutional investors are definitely not in. They've never been "in" outside of maybe a handful, which is like saying the general public was "in" back in 2011.

You keep hearing this narrative that institutions are driving up the price because it is true. Institutions have just started to get in a little bit - this will continue on for years - but it has finally started this Fall. We have Grayscale buying up literally hundreds of millions of dollars every single week (sometimes daily), these are accredited investors which I dunno if we'd call them all "institutional" per se, but at the very least they are a combo of rich Wall St investors and institutions. Then we have corporations like Square and Microstrategy buying in. We have various investment firms starting to buy in, a very very small portion of the investment firms out there at this point because, again, institutional investors are not "in" yet. And they buy through services like Coinbase's institutional services. So yes that is bitcoin that is coming out of exchanges, stripping supply from exchanges. Some of it probably is not on exchanges at all but plenty of it is.

So, in summary, institutional investors were not in already, not even remotely. We know for a fact institutional investors have finally started to get in the past few months, but still the number of them that are in at this point is very very small so this will continue literally for multiple years before they truly are "in". And yes plenty of this money is being bought off exchanges which removes Bitcoin supply from exchanges, thus causing a negative supply shock which results in the price shooting up as other buyers try to be the little remaining Bitcoin on exchanges.