As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find myself intrigued by the current state of Bitcoin and the broader digital asset ecosystem. The latest price action of Bitcoin, while causing some speculation about its historic run ending, doesn’t seem to faze me or other experienced market participants like Ki Young Ju, CEO of CryptoQuant.
Starting from its high of $99,531 on November 23rd, the world’s primary digital currency, Bitcoin, is currently being traded between $92,000 and $93,000. This has sparked discussions that its unprecedented price surge might have concluded. Nevertheless, for CryptoQuant CEO Ki Young Ju, the current trading activity of Bitcoin does not warrant worry.
In a recent tweet or post, Ki Young pointed out that retail investors haven’t reached the “fear of missing out” (FOMO) phase when it comes to Bitcoin. From his perspective, the current behavior of retail investors doesn’t show any indications of extreme excitement or fear.
Ki Young clarified that there continues to be high levels of trading activity spanning various market sectors, including spot transactions, future contracts, and exchange platforms.
Retail Investors Feeling The ‘FOMO’ In Meme Coins?
On November 26th in a Twitter/X post, Ki Young suggested that retail investors have not yet experienced the thrill of fearing they are missing out on Bitcoin. According to him, market signs indicate a neutral market atmosphere, which has been consistent since April when Bitcoin was valued at $64,000.
#Bitcoin retail investors aren’t in FOMO yet.
— Ki Young Ju (@ki_young_ju) November 26, 2024
In the recent surge of Bitcoin transactions, the public’s fear of missing out (FOMO) peaked in January 2021, causing the asset to trade above $30,000. This frenzy led to an unprecedented all-time high price of $69,000.
Despite Bitcoin testing the $100k level repeatedly over the past week, analysts believe that significant investment from retail investors is yet to materialize.
Recent Price Dips Due To Macro Environment
Based on QCP Capital’s observations, it appears that Bitcoin’s repeated drops in value are due to the current broader economic conditions. There are numerous elements in play right now that seem to be hindering Bitcoin from reaching its predicted target of $100k.
As an analyst, I’m observing that Bitcoin may encounter some challenges due to the anticipated release of key economic data such as the FOMC minutes and the PCE report. Additionally, the digital currency exhibited signs of being overbought following the frenetic price activity in the wake of the US elections.
No Need To Worry?
Nevertheless, QCP Capital highlighted that there’s no need for worry and the optimism surrounding digital assets persists.
In the past day, I’ve noticed that approximately $438 million was withdrawn from crypto ETFs as per the data available. Moreover, over a million USD was liquidated within the same timeframe based on the on-chain analysis I’ve been monitoring.
2/ As U.S. holidays draw near and significant economic updates such as tonight’s FOMC minutes and tomorrow’s PCE report are on the horizon, the market currently lacks sufficient triggers to propel #BTC towards $100K. Following the election, #BTC experienced a highly overbought state, leading to an expected cool-down period.
— QCP (@QCPgroup) November 26, 2024
It seems that, as per the CEO of CryptoQuant, there’s no sign of a decrease in market activity. In fact, trading is thriving across all platforms, markets, and transactions. According to their analysis, it appears retail investors are experiencing a strong fear of missing out (FOMO) towards meme coins, with Dogecoin being a notable example.
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2024-11-27 18:12