Bitcoin Bull Runs Seem to Happen During HolidaysJuly 8, 2019
There is likely to be a correlation between holidays and the price of Bitcoin. This is seen at least during times when the bull runs have been pronounced. The research states that the 2017 rally was fuelled around Thanksgiving and Christmas in the United States.
The reason behind the holiday effect on the price of Bitcoin is related to the FOMO (Fear of Missing Out).
It has been the trend for family members to talk to the most tech-savvy about what they saw about Bitcoin in the mainstream news. The rise in the Bitcoin price also coincides with the increase in numbers of searches in Google.
Even during situations when the market is doing reasonably well, holidays come with a potential to fuel in a renewed interest in the buying of cryptocurrencies and Bitcoin. This behavior is also known as FOMO.
Bitcoin is currently trading down over 1% touching upon the current price at $11,360. This has been down from the daily highs of $11,600. BTC has incurred a massive buying influx, and it is expected for this price to continue in the near term.
An upward break, however, is seen in the current price trends. There is a typical analyst opinion that BTC will drop by 80% if the existing parabolic trend is violated. An 80% correction might follow this. It is only for time to tell if the correction is healthy or not. Whether the bear market will be back in session is also a thing to be considered.
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While it is true that the market has been growing, Bershidsky stated, “There has been no good news about cryptocurrencies lately — they aren’t acquiring greater acceptance as investments or payments, and the crypto experiments of central banks, governments, and major companies haven’t moved beyond dabbling.”
To the general public, cryptocurrency is like a giant balloon; however, there have been many investors who offer a discriminatory look to Bitcoin versus the Altcoins. It is well-established that Altcoins might not climb rallies similar to Bitcoin. They might almost fall away.