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From its peak of $99,531 on November 23rd, Bitcoin, the world’s leading digital asset, is now trading at the $92k to $93k level, prompting many to speculate that its historic price run has ended. However, for CryptoQuant CEO Ki Young Ju, the alpha coin’s current price action isn’t a cause for concern.
In a Twitter/X post, Ki Young shared that Bitcoin’s retail investors are not yet in “FOMO” (fear of missing out) mode. The current retail action, he says, doesn’t indicate signs of excessive excitement or panic.
Ki Young explained that there’s still a surge of trading activities across markets for spots, futures, and exchanges.
Retail Investors Feeling The ‘FOMO’ In Meme Coins?
In a Twitter/X post last November 26th, Ki Young argued BTC retail investors are not yet feeling the excitement of missing out. Market indicators, he says, point to neutral market sentiment, the same position it has held since April when the top digital asset traded at $64,000.
#Bitcoin retail investors aren’t in FOMO yet. pic.twitter.com/DiGcChyNWt
— Ki Young Ju (@ki_young_ju) November 26, 2024
During the last Bitcoin bill run, the retail market’s FOMO reached its high in January 2021 when the asset was trading over $30,0000, pushing the price to an all-time high of $69,000.
Although Bitcoin retested the $100k mark many times last week, market observers say that retail investors still need to invest heavily.
Recent Price Dips Due To Macro Environment
According to observations from QCP Capital, Bitcoin’s successive price dips can be attributed to the existing macro environment. Plenty of factors now prevent Bitcoin from continuing its push towards $100k.
According to the QCP Capital, Bitcoin is facing pressure from the possible release of economic data like FOMC minutes and the PCE report. Also, Bitcoin was overbought following a whirlwind price action after the US elections.
No Need To Worry?
However, QCP Capital pointed out that it is not a cause for concern and that sentiment for digital assets remains bullish.
Based on on-chain data, millions of USD were liquidated in the last 24 hours, and about $438 million in ETF outflows were recorded last November 25th.
2/ No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.
— QCP (@QCPgroup) November 26, 2024
For the CryptoQuant CEO, market participation isn’t slowing down. According to market indicators, trading is booming in all exchanges, markets, and tickets. Based on CryptoQuant’s analysis, retail investors feel the “FOMO” on meme coins, particularly Dogecoin.
Featured image from CNBC, chart from TradingView
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