Tom Lee: This week we may see “fireworks” for bitcoin (BTC)

Tom Lee: This week we may see "fireworks" for bitcoin (BTC)

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Thomas Lee, CEO of Fundstrat Global and a well-known bitcoin (BTC) bull, writes on Twitter that bitcoin sentiment has currently reached the highest level of Fear of Missing Out ( FOMO) and this week we may see “fireworks” in the price of bitcoin .

Tom Lee described at the end of May that Fundstrat distinguishes ten levels from FOMO. Should BTC exceed $ 10,000, Lee would be at the highest level, level 10 FOMO, according to Lee. Such a high FOMO can only be seen for three percent of the life of bitcoin.

In addition, such a high FOMO could lead to enormous volatility in the price, making it possible for us to see a new all-time high (ATH) for bitcoin. The current ATH of bitcoin was reached around $ 20,000 at the end of 2017.

On June 26, bitcoin reached a new annual high of around $ 13,709. Subsequently, the price saw a so-called pullback, which brought the price shortly below $ 10,000 on July 2. Cryptocurrency investor Josh Rager writes on Twitter that such a 30% pullback is often followed by an average increase of no less than 153%:

About two weeks ago , during an interview with CNBC, Tom Lee also said that he expects bitcoin to “easily” break his ATH. Lee said last week that he expects an “altcoin season” to come.

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About Shawn Morrison 203 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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