RE: Tom Lee on Binance Podcast … Bullish as Ever

Link to podcast in article in link below :

“FOMO really occurs when the price achieves a level that’s only happened 3% of the time. So in past cycles, that level was $8.50 in 2011. Today that number is $10,000 because Bitcoin’s prior to today has only traded above $10,000 for 87 days…

So we said once it achieves this level, every institution’s going to realize at $10K it’s likely to go back to its all-time high, which is a double. There are very few things that can double. So I think FOMO really gets triggered once Bitcoin hits $10,000. If you look at half cycles, when you get to that 3% threshold, the typical surge in the next five months is 200-400%. So if Bitcoin somehow manages to get to $10K, it’s very likely going to make a run to $40,000 within five months.”

“At the end of the day, Wall Street – if there’s a known asset class and they believe they can have an edge – they’re going to be quite interested in investing in it. Because Wall Street has the ability to marshall a lot of resources to develop either a fundamental edge or trading expertise and make money…

We published a piece that says what’s a way to quantify Wall Street FOMO? And the reason it matters is because when Bitcoin fell 85% last year, Wall Street basically said Bitcoin is broken and it’s going to zero. And they had good reason for that because 80% of stocks that fall 90% never recover. So in their minds, the probability of Bitcoin going to zero was essentially 80% because it had already fallen 85%. But now that Bitcoin is back to $8,000, it’s only traded at this level 5% of the days in its entire history.”

Cryptonaut Master Asked on June 10, 2019 in Bitcoin.
Add Comment
1 Answers

Bitcoin will replace the system as they know it.

Master Answered on June 10, 2019.
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.