Halving and FOMO push Bitcoin price higher
Bitcoin's price is showing clear signs that we may find ourselves at the beginning of a major bull market.
Important days for Bitcoin
Bitcoin's price is showing clear signs that we may find ourselves at the beginning of a major bull market. The context of global economic recession induced by the problem related to the COVID-19 pandemic and the approach to the date in which one of the most important events for the Bitcoin ecosystem will take place: its third halving, are two fundamental factors that would be pushing Bitcoin's price up. Remember that halving is an event that every four years halves the rewards for each block mined in the network and has various effects not only on price but also on network security, speed and cost of transactions, among other.
Crypto Digital Group CEO in Spain, Carlos Duat, is an expert in cryptocurrencies and supports the idea that halving is a clear cause of the increase in the price of Bitcoin: "Yes, it is. In fact, since we touched the minimum The rise has been constant at USD 3,700. I consider that the start of the rise from USD 3,700 has been due to the large purchases that have been made during the sharp fall that brought us to those levels. And now the halving effect and the Fomo is what makes the price of Bitcoin continue to rise non-technical without stopping".
The term FOMO that Duat mentions is the abbreviation of the phrase "fear of missing out" that basically represents the psychological effect that is generated in investors when strong upward movements occur in the price of an asset. Investors with FOMO sentiments don't want to miss the move and invest large amounts of their capital further contributing to the bullish strength of the asset.