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Extreme greed and FOMO take over the crypto market as BTC hits nearly $ 16,000

November 6, 2020

Bitcoin just hit its highest price since January 8, 2018, knocking on the door of $ 16,000 when FOMO takes over the markets again.

In an upward trend that has increased by more than 12% in the last 24 hours, Bitcoin prices hit their highest level in 33 months, hitting $ 15,980 during early trading in Asia today, Nov. 6, according to Tradingview.com.

The $ 16,000 level could create resistance as there were two weekly closing prices at $ 16,100 in early January 2018 If the candle can hold at these levels this week, there could be a boost towards this elusive all-time high. L.The chart patterns are currently reminiscent of the end of November 2017when BTC saw a rapid surge from $ 7,000 to $ 16,000 in just three weeks.

Extreme greed and FOMO take over the crypto market as BTC hits nearly $ 16,000
Extreme greed and FOMO take over the crypto market as BTC hits nearly $ 16,000

Analysts have watched What Bitcoin price is now at 80% of its all-time high, the closest thing to a full recovery, which in the past took an average of only 12 days from these levels to ATH.

On the flip side, traders can start making profits that could lead to a withdrawal.

The “Fear and Greed Index” is currently at 90 in the “extreme greed” zone. The last time it hit this level was in June 2019 when it hit 92 when Bitcoin hit its highest price for that year, just under $ 14,000.

Seasoned investors like the billionaire Mike Novogratz, a former hedge fund manager, advised emotional sales all in one last tweet.

“The hardest thing in a bull market is to sit down. My friend Paul Jones calls it the “pain of gain”. This is a bull market for BTC. Your job is to sit on your hands and put your phone down. “

The US election results may have sparked this week’s rally as Joe Biden extended his lead over Donald Trump and the recount was nearing completion.. At the time of this issue, Biden was leading 264-214 in the race to 270 with only five states left. Square just reported record sales and profit from Bitcoin sales on its Cash app.

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