Since peaking at $99,531 on November 23, Bitcoin, the world’s leading digital asset, is now trading between $92,000 and $93,000, prompting many to speculate that its historic price rally is over. However, for Ki Young Ju, CEO of CryptoQuant, the current price action of the alpha coin is not a cause for concern.
In a Twitter/X post, Ki Young said that retail Bitcoin investors are not yet in “FOMO” (fear of missing out) mode. According to him, current retail activity indicates no signs of excessive excitement or panic.
Ki Young explained that there was still a sharp increase in trading activities in the spot, futures and exchange markets.
Retail Investors Feeling “FOMO” in Meme Coins?
In a post on Twitter/X on November 26, Ki Young claimed that retail BTC investors were 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 leading digital asset was trading at $64,000.
#Bitcoin retail investors are not yet in FOMO. pic.twitter.com/DiGcChyNWt
– Ki Young Ju (@ki_young_ju) November 26, 2024
During the last Bitcoin bill, retail market FOMO reached its highest level in January 2021, when the asset was trading above $30,000, pushing the price to an all-time high of $69,000.
Although Bitcoin has retested the $100,000 mark several times in the past week, market watchers say retail investors still need to invest heavily.
Recent price decline due to macroeconomic environment
According to QCP Capital’s observations, the successive drops in Bitcoin prices can be attributed to the existing macroeconomic environment. Many factors are now preventing Bitcoin from continuing its progression towards $100,000.
According to QCP Capital, Bitcoin faces pressure from the possible release of economic data such as the FOMC minutes and the PCE report. Additionally, Bitcoin was overbought following a flash price action after the US election.
No need to worry?
However, QCP Capital stressed that there is no cause for concern and that sentiment towards digital assets remains optimistic.
Based on on-chain data, millions of dollars were liquidated in the last 24 hours and around $438 million in ETF outflows were recorded last November 25.
2/ No immediate catalysts: with the US holidays approaching and major economic data such as tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push. #BTC around $100,000. #BTC was extremely overbought after the election, making a cooldown inevitable.
– QCP (@QCPgroup) November 26, 2024
For the CEO of CryptoQuant, market participation is not slowing down. According to market indicators, trading is booming across all exchanges, markets and notes. Based on CryptoQuant’s analysis, retail investors are feeling “FOMO” on meme coins, particularly Dogecoin.
Featured image from CNBC, chart from TradingView
