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.
Bitcoin is 148 days into the recovery process from its December 2018 bottom.
It is currently at ~40% of its all time high.
The longest recovery period from trough to previous peak took 722 days (~ 2 years).
I doubt this one will take as long. pic.twitter.com/npHr05fRmi
— Yassine Elmandjra (@yassineARK) May 13, 2019
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.The instinct to ring the cash register is high. Don’t. Just HODL right now. Free advice 😉
— Mike Novogratz (@novogratz) November 5, 2020
“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.”