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.
Our Telegram bot is picking up large inflows of stablecoins into exchanges. $USDT $TUSD $USDC $USDS
Our channel: https://t.co/Xz0aC7kMja pic.twitter.com/b0bMmKEqJ3
— 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, Bitcoin had pumped by 12.69% in 24 hours, causing every altcoin to do the same. Ethereum has pumped by 8.97%, XRP by 5.78%, and Litecoin by 3.08%.
TheCryptoDog, another prominent trader in the Bitcoin community, created the hashtag #BitcoinIsBack 13 hours ago. At press time, the hashtag was trending number 24 worldwide.
The mainstream media reporting on $BTC hitting $10,000 will cause a wave of nocoiners to FOMO in. ????
We can amplify that by getting the hashtag #BitcoinIsBack trending. ????
Reply to this tweet with #BitcoinIsBack and let's see if we can put Bitcoin on the front of Twitter. ????
— The Crypto Dog???? (@TheCryptoDog) June 22, 2019
Almost every prominent person known in the Bitcoin community, from Vinny Lingham to John McAfee, is bullish on Bitcoin and confirms that the bull run has officially begun. However, whether Bitcoin will sustain this momentum and breach even greater resistances is still up for debate.