Bitcoin hit $11,000, 13 hours after it breached the $10,000 psychological level, this could very well be due to the FOMO buying which is often seen during the bull run. Traders aren’t usually concerned with sentiment and are focused on making profits, and now seems to be a better time to make some profits since Bitcoin has approximately pumped by 194% since 2019.
Peter Brandt suggested the same and added that the millennial FOMO was extreme and that it would be a good time to take “money off the table”. Brandt tweeted:
The "Obnoxious-Twitter-Millennial-Index" (OTMI) is registering extreme FOMO. That is always a sign to consider taking some money off the table. pic.twitter.com/t0t1NVo3Ys
— Peter Brandt (@PeterLBrandt) June 22, 2019
The price of Bitcoin, at press time, was correcting itself and was at $10,746 and had a market cap of $190 billion. Bitcoin, if proceeds to move higher, will face resistance from $11,000 to $12,000, if the same is broken it is smooth sailing for BTC from here. While this looks like a good time to make profits, it also can be seen that Bitcoin is only ~43% away from reaching its previous highs, which looks tempting and hence some people argue that it would not be the best time to take profits.
A Twitter user @MoonOverlord, tweeted:
“Yeah it’s definitely Millennials and their $100K of student loan debt buying $50 of bitcoin on Cash App with their paycheck
And not CME / institutional money doing all time high volume”
Although Bitcoin’s rise in the last few weeks was nothing short of a hyperbolic move, there is an equal number of people who believe that this move will continue and that a retest is just around the corner. Prominent traders in the industry have been waiting for a correction and retest of the support back at $6,000. The retest seems more probable to Brandt, which would explain his theory to take some money off the table.
A Twitter user @ValhallaCrypto, commented:
“We aint selling our positions just for it to pump 20% the next day losing our place! We are the BITLORD BOYZ and we getting this Arab Money!!”
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