Bitcoin Taps Almost $16,000, as FOMO Takes Over

Jafrin  |  Nov 6, 2020

Bitcoin climbs up to its highest price since early 2018, as FOMO reigns over the crypto market. The price of the world’s largest cryptocurrency by market capitalization has almost reached $16,000, currently trading for $15,980 on most of the spot exchanges. The trending patterns of the cryptocurrency resemble that of late November 2017 when the crypto coin jumped from $7000 to $16,000 in just 3 weeks.

BTC Surges Over 12% to Almost $16,000 in 24 Hours Alone

According to data from Tradingview.com, Bitcoin touched $15,980 during the early trading in Asia today, signifying a surge of more than 12% over 24 hours alone, also the highest levels for 33 months.

Crypto analysts are noting that Bitcoin's price is now at its 80% of its all-time high. The last time it went to a full recovery was when it only took 12 days on average from these levels to its all-time highs. On the contrary, investors might take advantage out of these by taking some profit here, resulting in a pullback.

Bitcoin’s surging price comes amid a dislocation of price between the futures and the spot market. Data reveals that the futures markets are currently lagging the spot market, although there are certain spot markets too that are strongly lagging in comparison to other spot markets. This kind of market dislocation resembles that of the highs of 2019 or even earlier times.

Fear and Greed Index Currently Ranked into Extreme Greed Zone

The “Fear and Greed Index” is ranked currently into the ‘extreme greed’ zone at 90.  Such a high level of Greed Index bears a resemblance a period of June 2019, reaching a level over 92 as the cryptocurrency was at its highest price, just below the $14,000 mark.

Meanwhile, crypto influencers and traders are creating awareness not to sell their Bitcoins based on emotions:

Despite the uncertainty and election pressures on the financial markets, Bitcoin has still climbed above $15,000 while indicating that the cryptocurrency is likely to move above the $20,000 mark soon.

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