Tyler Winklevoss, one among the co-founders of the Gemini cryptocurrency, has argued on social media that the Bitcoin might surpass the $15000 mark with ease if it could break the psychological $10,000 mark. It is regarded as a psychological level by many investors in the market. With Bitcoin nearing the so-called ‘FOMO’ (Fear of Missing Out) level at $10,000, investors anticipate that the momentum of the asset would strengthen in the near-term.
As explained by Thomas Lee, Co-founder of Fundstrat, “In most markets, a ‘new high’ is needed to confirm a breakout. But with Bitcoin, when it trades at a price seen only 3% of its history, this has confirmed a new high imminent. This makes crypto different. This ‘3%’ is $10,000. FOMO = $10,000. Currently $250 away from FOMO.”
Lee has emphasized about the extended historical periods of upside movement when it rises above the FOMO level. Lee mentioned that the current FOMO level for the dominant crypto asset is $10,000 and that any future surge above that level will result in a 200 to 400 percent rally based on its performance in the past three years.
In the words of Tyler Winklevoss, “If bitcoin breaks 10k, you can bet it’s going to break 15k.” Tyler owns approximately 1 percent of the entire supply of the Bitcoin cryptocurrency. Tyler predicts that there are high chances of the Bitcoin going back to its all-time high of $20,000 as previous data suggests that Bitcoin went from the $10,000 to the $15,000 mark in about eight days. Before recovering from a $3,200 low in December last year, it took the Bitcoin over a week’s time to get to the all-time high before the market turned and the prices of most of the cryptocurrencies started to crash. The recovery for Bitcoin after that has been such that Bitcoin has tripled since and is currently up by more than 140% since the beginning of the year.
The interest of investors in the cryptomarket has started to rise with the entrance of major conglomerates such as Facebook, Visa, Uber, Mastercard, Booking Holdings, and Lyft. Similar to the 2017 bull market, Bitcoin and the rest of the crypto market are getting increased media coverage with major crypto assets recording large gains against the U.S. dollar.
Right from 10 June, Bitcoin is exhibiting strong upside movement supplemented with large volume. According to Tyler, there is a lot of room for Bitcoin as its current market cap is lower than $200 billion and that of gold is around $7 trillion.
This comment received an interesting reply from John McAfee, the cybersecurity expert, who claimed that Bitcoin would surpass the $1 million mark in the future if it breaks the $1,00,000 mark. In an interview earlier this year, one of the Winklevoss twins, Cameron Winklevoss, replied that Bitcoin creator Satoshi Nakamoto “probably has more,” in response to the question on whether they are the ones holding the highest number of Bitcoins in the world.