Bitcoin (BTC) continues to rally, marking a 120% increase this year alone. However, the Fear of Missing Out (FOMO), a key psychological driver in cryptocurrency trading, seems notably absent despite the impressive bullish trend.
According to data from Look Into Bitcoin, a leading statistics platform, the market FOMO that often accompanies such bullish trends is yet to surface. This lack of urgency among investors is an intriguing contrast to the price action that has seen Bitcoin reach a 18-month high, currently priced at $35,000.
Analysts suggest the next Bitcoin bull run is imminent and predict that FOMO will reach an all-time high. This prediction is based on the current price action that mirrors the run to its previous peak of $69,000. This anticipation of a significant surge suggests that investors are still in the game, waiting for the opportune moment to jump on the bandwagon.
Analysts and market observers note that on-chain transactions are only now starting to involve “younger” Bitcoins, suggesting that the market might still be in its early stages of growth.
According to Philip Swift, the creator of Look Into Bitcoin, the realized cap HODL waves metric, or RHODL waves, indicates that warmer color, low timeframe waves, which represent younger coins, are only just starting to increase as coins are transferred on-chain. This suggests that while there’s activity, the market is not yet in a state of FOMO. The RHODL metric divides BTC by the age group of the supply and compares it to the price at which it last moved on-chain.
Furthermore, data from CoinCodex indicates that Bitcoin is trading at $36,487, which is 15.94% below their prediction for November 13, 2023. The sentiment around Bitcoin remains bullish, with a Fear & Greed index at 66 (Greed). Key support levels are identified at $34,710, $33,996, and $33,424, with resistance levels at $35,995, $36,567, and $37,280.
In the last 30 days, Bitcoin has gained 32.20% and is up 99.30% since last year, displaying a positive trend and notable bullish sentiment in the medium and long term.
Bitcoin’s performance has been driven by several factors, including increased institutional interest. Despite Bitcoin’s slowing momentum ahead of the ETF approval window, analysts maintain that the bull run is not under threat.
However, it’s worth noting that the FOMO sentiment, which fuels investor participation in a bull market, is not as pronounced as in previous cycles. Some experts suggest this could be due to growing maturity among crypto investors or the expanding diversity of the cryptocurrency market itself.