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Bitcoin Forum / Re: Don't buy bitcoin only because of FOMO
« Last post by DabsPoorVersion on Today at 03:22:09 AM »Hopefully not, I have seen someone in a social media group says that as we zoom out the chart on BTC, we can see that the chart is forming a cup and handle pattern. Meaning a bullish pattern that we can expect to see on the next coming months which might also be exactly the take effect of the halving. If the bear breaks the support and go deeper to $50-$52k range, who knows what will happen next or how long it will take for Bitcoin to recover and go back to green.Many people said the market took them unaware and it is very high, that they are waiting for correction. As we speak bitcoin has corrected and back to $60k, what have they done? They are waiting for more decline and before they will understand, the price will pick up again to progress to the bull run and then there will be more bugs because of FOMO. So, there's definitely gonna be FOMO buying, it's part of the cryptocurrency industry.
I think expectations of a deeper correction are justified in the current market conditions, but we need to keep a close eye on whether the bears can break the support around $60-61k or not. If they can, the BTC price will most likely dump to $50-52k. Alternatively, if the bulls take the initiative and can push back from the current level, the BTC price will return above $70k.