Bitcoin has finally hit the twelve thousand dollars ($12,000) mark and it is going to go higher since the fear of missing out is in heavy play.
The current streaks of rallies pushing Bitcoin price are actually driven by individual or as the market calls them, retails traders.
Cryptopolitan.com recently revealed that the fear of missing out is the major factor in play when the price had hit $11,000 mark not a few days ago. The Bitcoin market has reacted to it in a positive manner.
While writing these lines, Bitcoin price has jumped over a hundred dollars in less than seven (7) minutes and the price is fluctuating between twelve thousand dollars ($12,000) and twelve thousand one hundred dollars ($12,100).
The price is raising heavily since almost all currencies have historically remained in a crypto-winter between the months of August and September.
The fear reaction commenced on after Cryptopolitan reported that the trend shows that a crypto-winter is approaching right at the end of summers and start of winter.
Bitcoin historically goes into a flat value limbo every year without a miss since it’s inception and the price – high or low – before the winter can reach the crypto sphere, would remain the same until the winter passes.
On the other hand, Cryptopolitan.com predicted yesterday on 24th of June 2019, that Bitcoin price can hit at least thirteen thousand dollars ($13,000) before the crypto winter starts owing the same FOMO in play.
The current rally started at 3:00 AM GMT and in sixteen minutes Bitcoin price had hit the twelve thousand dollars mark. In the next fifteen minutes, it had spiked by one hundred dollars ($100), however, fluctuating.
The next jump came in at 3:39 AM GMT when the Bitcoin price started rallying again towards the thirteen thousand dollars mark. BTC price reached twelve thousand two hundred and twenty-two dollars ($12,222) in ten minutes.
About an hour later, the Bitcoin price has hit a new high of twelve thousand four hundred dollars ($12400) at 4:45 AM GMT. However, it couldn’t sustain the position and fell back at twelve thousand three hundred and sixty-eight dollars ($12,368).
In the next ten minutes, another quick surge had taken the price up to twelve thousand four hundred and fifty-four ($12,454) by 4:55 AM GMT.