Bitcoin FOMO Is Back: $70K and Then New Record Highs in Sight, Says Analyst

Bitcoin FOMO is back, sending ripples that analysts predict a new surge toward $70,000 and beyond. The market has seen months of consolidation and recovery; for the first time in a while, optimism among investors is being revived anew. It was driven by a cocktail of influence factors moving from growing institutional interest to greater mainstream adoption and expectations of future price rallies. This is a pattern witnessed in previous bull runs, driven by the sentiments of missing out on swift escalations in price as more investors jumped in.

There are several reasons why analysts are so optimistic this time around. First, there's the upcoming Bitcoin halving in 2024-a process where rewards from mining Bitcoin will be reduced-which will serve as a great catalyst. Speaking of events historically, Bitcoin halving has always created huge increases in price due to a reduction in supply and surge in demand for the digital currency. Another event could be the possible approval of Bitcoin ETFs that would open the floodgates for institutional investors, and therefore more liquidity and further legitimacy in the market.

Analysts are predicting that Bitcoin may jump more than its previous high of about $69,000 on a path to set new records, though market volatility would still be an ongoing concern along with correction and regulatory uncertainty ahead. Similarly, it has been the historical trend and rising institutional participation that have factored into the possible return of the bull market for Bitcoin, for many investors, with US$70,000 seen as the next big milestone.

Thanks

src

~ Nesaty

ref