After what I would describe as slow, sluggish and sideways movement over the last few weeks in the crypto space, are we really just another green candle away from FOMO back into the markets?
Crypto veteran and twitter enthusiast Ran Neuner was once again the center of hot debate as he leaped in on BLOCK TV Today with his thoughts;
“If we get another green candle in the next 24 to 48 hours then I think we are at the risk of a real FOMO kicking in…and if that happens then we could go well over $10,000 very quickly.” – @cryptomanran on #Bitcoin. Check out his full analysis at: https://t.co/hdi1zvW7SK pic.twitter.com/mHyJN9BGwZ
— BLOCKTV (@BLOCKTVnews) April 3, 2019
But after the tumultuous year experienced in 2018 with the bear market forcing so many investors out..
..can we really start becoming optimistic?
All remains to be seen!
The controversial tweet was met with a barrage of backlash, insinuating Ran Neuner was jumping wayyyyy ahead of the gun.
Twitter followers wasted no time weighing in with their opinions regarding the tweet;
“This guy has a track record of atrocious calls. Ignore”
“10K is not happening this month, and it shouldn’t. We should want a slow build up over the rest of 2019. A FOMO run that crashes won’t help BTC long term.”
“10K would make no sense right now, respectfully”
But do some of these tweeters have a point?
Have we been in such an extended bear market, that any bit of green would cause the market to turn ultra-bullish?
The sentiment I have gathered from Twitter today would be to edge on the side of caution For now.
Only a week ago Bitcoin was hovering around the $3900 and an impressive 34% gain in value would suggest we could potentially go higher. My reason for edging on the side of caution logically refers to the Bitcoin 6k level.
Bitcoin stubborn 6k ceiling or support floor?
For what provided the stability and support level for Bitcoin at the 6k level has now potentially become heavy resistance.
We continuously held at this level on multiple occasions before eventually crashing through to the lows of $3-4000.
In what I believe can bring many traders/investors attention back into the market would be to see a retest of Bitcoin at $6,000 and successfully test this region as support.
From there the sentiment and FOMO would increase once more leading many to believe the bear market is well and truly behind us.
Neuner ended his thoughts within this video by saying the following;
“Lets not forget, that the last time Bitcoin went from $5,000 to $10,000 it took 9 days.”
In all fairness, he does have a point.
If there’s anything to take from the market, expect the unexpected!