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 .
#bitcoin has acted very differently since crossing above $10,000–a level we defined as Level 10 FOMO as it only represented 3% of historical days.
— Thomas Lee (@fundstrat) July 4, 2019
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%:
$BTC: We had our 30% pullback so what's next?
History says that price consolidates followed by an average gain of 153% before the next big pullback
There are great rewards for buying pullbacks in a bull market
— Josh Rager 📈 (@Josh_Rager) July 3, 2019
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.