Wall Street brings back Bitcoin FOMO last seen in 2017 and 2021
Last Updated on 16 February 2024 by CryptoTips.eu
For all those of you who have been following crypto stories for several years, we just have to ask this question: who would have imagined this after the disaster year that was 2022?
Bitcoin is back in full FOMO mode as Wall Street investors place the largest digital coin well above $50k this week.
Even serious publications such as CNN, CNBC and Euronews run with long-term price predictions of $100,000 for 1 Bitcoin. Unseen for global media.
Bitcoin FOMO history
For all those new to the world of crypto, let us warn you: we have entered the FOMO period. It can go higher very fast, and crash just as quick. Consider this period as your baptism.
In December 2017, Bitcoin rose to $10,000 for the first time and grew to $20,000 a few months later. South Korea and Japan went completely crazy. A few months later, Bitcoin fell to a value of $3,000.
In November 2021, we saw a Bitcoin price of $69,000 for a single Bitcoin. In November 2022, after the bankruptcy of the major crypto platform FTX, we received one Bitcoin at a price of $16,000.
2023 made everything right again and now we are ready to jump to the all-time-high of $69,000 once more. The reasons for this are well known. This time Wall Street is also participating (in the form of Bitcoin ETFs) and because many know what the ‘halving‘ historically does to the price of crypto coins.
“Every halving has historically resulted in some sort of bullish price action,” said Gareth Rhodes, who is now the managing director at research and advisory firm Pacific Street. “Which makes sense, because you expect with more supply constraints that prices increase.”
Crypto in a nutshell
January 2024 was already very typical for Bitcoin FOMO. First we went from $49,000 to $38,000. In February we rose to $52,000 already. Where will this price action end?
“Now that $50,000 has been topped, $69,000 followed by $100,000 look achievable in 2024 as the narrative switches from the ETFs to the upcoming halving,” said Antoni Trenchev, co-founder of crypto lender Nexo Capital. “Which is exciting because if history rhymes, the next 12-18 months is going to be a scorcher for crypto.”
“The last month was crypto in a nutshell,” says Trenchev. “Those investors who bought Bitcoin ETFs at the recent low of $38,500 are sitting on a 30% gain, whereas those who bought at $49,000 on January 11th have had to endure a 20% plunge and a baptism of fire. Welcome to crypto, it’s not for the faint-hearted.”
