2024

FOMO

Bitcoin

A popular Bitcoin analyst has suggested a key breakout point for Bitcoin amidst a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/">bearish market price action</a>. While Bitcoin’s price has been experiencing a downward trend, dynamics and movements over the past few months have established several significant price levels. These levels might offer traders valuable insights into Bitcoin’s potential future actions. 
The $65,000 price mark is one such level, and according to a crypto analyst, a break above it should eventually trigger serious FOMO among market participants. 
<h2 id="break-above-65-000">Break Above $65,000</h2> 
The Bitcoin analysis in question was brought to the attention of the cryptocurrency community on the social media platform X by the pseudonymous analyst known as The Crypto Dog, who boasts a substantial following of more than 804,000 followers. This influential figure in the crypto space has highlighted one of the most critical levels for Bitcoin’s price action, pointing specifically to the $65,000 mark. 
Amidst the prevailing market downturn, the $65,000 level has emerged as a significant point of interest due to the recent consolidation of Bitcoin’s price between the $60,000 and $70,000 range. This consolidation suggests that traders are closely watching these levels for signs of a potential breakout or further decline. 
The Crypto Dog has noted that if Bitcoin can successfully break above the $65,000 threshold, it could potentially trigger a wave of <a href="https://www.newsbtc.com/xrp-news/xrp-litecoin-social-media-fomo-bad-sign-prices/">Fear Of Missing Out</a> (FOMO) among market participants. This phenomenon, where traders rush to buy an asset for fear of missing out on potential gains, could create substantial buying pressure. Such a surge in buying activity might provide Bitcoin with the much-needed momentum to significantly break past the $70,000 mark. 
<blockquote class="twitter-tweet"> 
 Being patient but I think that might have been all of the dip. Break &gt;$65k should trigger serious FOMO 
 The strength vs alts may be what’s needed to push $70k+ <a href="https://t.co/hBzpAh60P3" rel="nofollow">pic.twitter.com/hBzpAh60P3</a> 
 — The Crypto Dog <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@TheCryptoDog) <a href="https://twitter.com/TheCryptoDog/status/1819123754607563099?ref_src=twsrc%5Etfw" rel="nofollow">August 1, 2024</a>
</blockquote> 
<h2 id="current-state-of-bitcoin">Current State Of Bitcoin</h2> 
The Bitcoin price has started the new week on a more negative that many expected. Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crashes-49000-key-reasons/">broke below $50,000 </a>on Monday, August 5, around 6:30 UTC +0 for the first time since early February. At the time of writing, Bitcoin is trading at $52,544 and is down by 13.20% in the past 24 hours having rebounded at $49,500. The crypto is also down by 24.30% in a larger seven-day timeframe.&nbsp; 
With this recent action, Bitcoin has now broken below the significant price range of $60,000 to put $50,000 in the spotlight. A rebound just above $49,500 means that $50,000 is now the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-loses-crucial-support-poised-for-return-to-54000-analyst/">major support level</a> to monitor. As such, a notable break to the upside from this level could kickstart a little FOMO among market participants. However, $65,000 is still a significant level that could make or break any upward rally. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/MiSpEADG/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Bitcoin Crash: Analyst Says A Break Above This Level Will Trigger FOMO

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