As a seasoned crypto investor with a knack for deciphering market trends and patterns, I find myself intrigued by the recent developments surrounding Bitcoin (BTC). The latest analysis from Ki Young Ju and QCP Capital seems to suggest that we’re not quite at the point of retail FOMO yet.
According to Ki Young Ju, the CEO of CryptoQuant, Bitcoin‘s individual investors haven’t shown signs of anxiety over potentially missing out on gains just yet.
As Bitcoin (BTC) dipped under $92,000 and continued its drop from around $100,000 the previous week, Ki Young Ju, the head of CryptoQuant, pointed out that recent buying patterns among retail traders have not indicated extreme fear or excessive enthusiasm.
The analyst noted on X that ordinary Bitcoin investors haven’t shown signs of fear-of-missing-out (FOMO) just yet. This assessment is based on the significant increase in trading activity observed across various platforms, including exchanges, ticker symbols, and market types, both spot and futures markets.
Currently, as of November 25th, the indicator is holding steady at a neutral position, a stance it’s maintained since late April when Bitcoin was priced around $64,000. In the last bull market, retail excitement peaked in January 2021 when Bitcoin broke through the $30,000 barrier, pushing its value to an all-time high of $69,000 during that period.
Even though Bitcoin almost reached $100,000 a week ago, experts notice that a significant number of individual investors haven’t jumped into the market as of yet.
On Tuesday, November 26th, analysts at QCP Capital suggested that the current downtrend, having started from recent peaks, could continue due to the prevailing economic conditions.
As U.S. holidays are fast approaching and significant economic data such as tonight’s Federal Open Market Committee (FOMC) minutes and tomorrow’s Personal Consumption Expenditures (PCE) report are forthcoming, the market currently lacks the impetus to drive Bitcoin towards $100K, according to QCP. After the election, Bitcoin was highly overbought, making a cooling-off period unavoidable.
Nevertheless, these declines shouldn’t be cause for alarm as Bitcoin still shows a positive trend. This assertion holds true even after significant amounts of money were liquidated over the past day and a $438 million outflow from spot Bitcoin ETFs occurred on November 25th. Additionally, MicroStrategy recently invested $5.4 billion in Bitcoin.
The Bitcoin Fear & Greed Index reflects a strong optimism, as a score of 77 represents intense greed, with the Bitcoin price being close to $92,000.
Simultaneously, crypto expert Ali Martinez pointed out a possible surge towards $95,000 or even beyond, based on a buy signal from the TD Sequential indicator.
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2024-11-26 19:08