Bitcoin FOMO Driving BTC and Crypto Markets Higher?
Veteran Futures and Options Trader Says Bitcoin FOMO Is Driving BTC and Crypto Markets Higher
Appearing on CNBC, Iuorio is betting that the recent crypto rally still has more steam.
“I do think it does. And I think it’s mostly an emotional trade. I think it’s FOMO. People missed out when it traded up to $20,000. I think the psychology behind it could be the same now. When it eclipsed $4,000, I think that started to kick in mildly. If it eclipses $6,000 again, it might happen again.”
“If it trades back to $5,810 in the June contract, I think that’s a spot to buy. One of the things I liked is that earlier in the day it tried to plunge the lows and it was immediately rejected. To me, it seems like the upside is the easiest path with a target of $6,060 on the upside.”