Bitcoin breached the $10,000 mark once again after 15 months, which was a very important psychological level for the community. This breach, as expected by a lot of people, has kicked FOMO into overdrive, and has caused massive buy orders, which may be the reason for Bitcoin forming even greater heights.
The price, as seen in the above chart, breached the $11,000 mark, 13 hours after hitting $10,000. This screams nothing, but FOMO coming in from retail traders. The next price level for Bitcoin would be the resistance from $11,800 to $12,000, which has a lot of significance to it. If this momentum continues and the price breaches $12,000, it is nothing but smooth sailing for Bitcoin from hereon.
People have always related the rise in Bitcoin’s price to the inflow of stablecoins and Tether. The well-known stablecoin has printed approximately $150 million USDT in under 7 days, with most people speculating as to what may have caused the present pump.
A Twitter account, @ViewBase, confirmed that there were massive inflows of stablecoins taking place into cryptocurrency exchanges.
$BTC‘s surge above $10,000 seems to be triggering FOMO.
— ViewBase (@viewbasecom) June 22, 2019
This adds to the fact that Bitcoin’s bear market ended back in December 2018 and that the bull run has begun. Peter Brandt, an old school trader, is also bullish on Bitcoin and predicted a target of $100,000 by the end of 2020.
At press time,