There have been a lot of crypto-related predictions that have been flooding the crypto space lately, and most of them have been bullish. This happened despite the recent fall of Bitcoin (BTC) following a huge and unexpected surge.
Key level for BTC
Tom Lee, Fundstrat co-founder and head of research said that he has been analyzing the critical resistance level for BTC.
During a recent interview on the Binance Podcast, Lee addressed the reasons for which he believes that BTC’s ability to cross $10,000 will trigger an unleash of the FOMO.
It will be an outbreak of FOMO (fear of missing out) that could reportedly bring the most important crypto is in the space to a new all-time high.
Lee said, “FOMO really occurs when the price achieves a level that’s only happened 3% of the time. So in past cycles, that level was $8.50 in 2011. Today that number is $10,000 because Bitcoin’s prior to today has only traded above $10,000 for 87 days…”
Lee continued and explained: “So we said once it achieves this level, every institution’s going to realize at $10K it’s likely to go back to its all-time high, which is a double. There are very few things that can double. So I think FOMO really gets triggered once Bitcoin hits $10,000.”
Institutional investors can send BTC to the moon
Lee said that when the big players from Wall Street enter the crypto game, everything will change for the better. He also believes that they will definitely be interested in investing in BTC.
Besides the fact that their interest in crypto will trigger a surge for BTC, this will also bring the whole crypto space closer to mainstream adoption.
It’s true that there have already been tons of movements made in the crypto space to bring crypto to mass adoption and institutional investment would make sure that this eventually happens.
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.