Financial Times journalist Adam Samson has proclaimed that we are headed straight for “Level 10” FOMO (Fear of Missing Out) in the Bitcoin market, referencing earlier talks of Bitcoin FOMO by Fundstrat crypto analyst Tom Lee.
WE ARE APPARENTLY HEADED STRAIGHT FOR LEVEL 10 FOMO IN THE #BITCOIN MARKET (VIA @FUNDSTRAT) PIC.TWITTER.COM/YZFKRAZWZ2
— ADAM SAMSON (@ADAMSAMSON) MAY 29, 2019
In his Tweet, referencing the Fundstrat graph, Samson points at the Bitcoin price of USD 8,900 that “Level 5” FOMO was triggered, and was the equivalent of Bitcoin achieving a USD 3,200 valuation back in 2017. In his chart, Level 1 FOMO was a “baby level”, while current FOMO was only “medium” at Level 5. Level 10, according to him, means full-blown FOMO.
The chart was a major part of a Fundstrat study that attempted to categorize the FOMO levels of the Bitcoin market. Ranging from 1 to 10, a higher price represented growing sentiment that Bitcoin valuations were on the precipice of adding significant value.
Lee himself responded almost immediately to the Tweet, saying that the chart only served to point out that “real” FOMO would only begin at USD 10,000 as that price level would only represent 3% of all days recorded in Bitcoin’s decade-long market history.
He also corrected the estimation of the equivalent to the previous bull run, saying that today’s price was only “mathematically equivalent to exceeding $BTC USD4,500 in 2017”.