A report said that Bitcoin has powered up to its highest price since January 8, 2018, by hitting $16,000 as FOMO grips the markets once again.
It has been reported that in a move upward that has added more than 12% over the past 24 hours, Bitcoin prices touched their highest levels in 33 months, reaching $15,980 during early trading in Asia on November 6.
However, the $16,000 level may form resistance since there were two weekly closes at $16,100 in early January 2018, so if this week’s candle can hold on to these levels, there could be a push higher toward that elusive all-time high.
There has not been this much Bitcoin FOMO since November 2017, can it continue to new heights? https://t.co/0kN5zeteLr — Cointelegraph (@Cointelegraph) November 6, 2020
Chart patterns are currently reminiscent of those in late November 2017 when BTC made a rapid push from $7,000 to top $16,000 in just three weeks.
According to the report, analysts have noted that the price of Bitcoin is now 80% of its all-time high, the closest it has ever been to full recovery, which has only taken 12 days on average from these levels to ATH historically.
UPDATE: Day 692 The price of bitcoin is now 80% of its all time high, the closest it has ever been to full recovery. Historically, it has taken 12 days on average to go from 80% recovery to full recovery. pic.twitter.com/UqYW4iOUmA — Yassine Elmandjra (@yassineARK) November 6, 2020
Likewise, traders may start to take some profit here, which could result in a pullback on the flip side.
BOOM! taken partial profit on $btc longs also interesting to note btc fear and greed index just spiked to extrem greed and 90. i am comfortable taking some profit off the table here and waiting to load more lowerhttps://t.co/NjdNOyMkov pic.twitter.com/pZJmOJVCqg — 👨🌾Benjamin Bluntz👨🌾 (@SmartContracter) November 6, 2020
The report said that the Fear and Greed Index is currently cranked over into the “extreme greed” zone at 90, as the last time, it was this high was in June 2019, when it reached 92 as Bitcoin powered to its highest price for that year at just under $14,000.
Thus, Mike Novogratz, the former Hedge Fund Manager, said:
“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.”
Source: Cointelegraph