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FOMO and US Elections Drive Bitcoin Price to 2020 Record

The Bitcoin market just hit a new high for 2020, breaking through to nearly hit $16,000 USD – a price unprecedented since Jan 2018.

FOMO, coupled with the US elections, might be the main driving force as Bitcoin surges to see nearly $16,000 USD. Hitting figures last seen in January 2018, Bitcoin price has soared past barriers of resistance to hit $15,980 USD across markets today.

According to Tradingview.com, the Asian market has jumped by nearly 12% over the past day in trading. With the token so close to $16,000 USD, there might be another wave of investment as fresh traders and HODLers want to get in on the action before a potential spike in price. As it stands, the chart patterns are showing similar signs to the market just before the 2017 bull run where Bitcoin hit its all-time high. At the time, Bitcoin was sitting around $7,000 USD and it surged to see $16,000 USD in only three weeks. If the token follows the same trend, we’re very plausibly looking at new record highs within a short space of time.

Bitcoin – headed for a full recovery?

As pointed out by Yassine Elmandjra, Bitcoin analyst, the price of Bitcoin was at 40% of its all-time high in May 2019. Now, at 80% of its all-time high, the cryptocurrency stands at the closest it has ever been to full recovery.

Holding during a bull run

If the tide turns and Bitcoin starts to spike, there might be a risk of a pullback and traders sell-off to profit. Mike Novogratz advocates against this. His “free advice” is to sit and resist the temptation to sell:

“The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain’. This is a $BTC bull market. Your job is to sit on your hands and lock away your phone.”

Posted: Nov 06, 2020 Author: Becky Categories: Coin News