According To Analyst, FOMO And Doubt Will Fuel BTC’s Next Bull Run

According to a prominent crypto trader, the uncertainty surrounding Bitcoin’s (BTC) upcoming bull market will be the fuel that ends the bear market.

Rekt Capital, a fictitious crypto analyst, warns its 330,300 Twitter followers that strong negative beliefs’ might force them to lose out on the next major bull run.

“People doubting if BTC will experience another Bull Market is what is needed for one to happen.

BTC Bull Markets are built on FOMO [fear of missing out]

To FOMO into an uptrend, you need to feel you are missing out.

And strong bearish convictions will make you miss out.”

The analyst then examines the psychological aspects of pricing zones. They take the highs and lows of June as an example, noting that the lows of June are currently serving as a resistance level.

“BTC June lows were once supported.

Now June lows are acting as resistance.

In terms of psychology, people were willing to buy at June lows.

But now, people are much more willing to sell at June lows.

How things have changed within a few months.”

Rekt advises its followers to be patient by stating that traditionally, Bitcoin bear market bottoms take months to stabilise.

“Typical BTC Bear Market bottoms tend to take months to develop before a new macro uptrend begins.

Capitulating into an absolute generational bottom is one thing.

The extended consolidation that follows is another.”

To emphasise their thesis regarding bear market bottoms, capitulation, and consolidation, the trader also provides a long-term Bitcoin chart, which they initially offered in June.

“According to the Three Macro Triangles, BTC is now in the Downtrend Acceleration phase in an effort to form a generational bottom.” 

BTC is priced at $16,652 at the time of writing, an increase of 5.7% over the last week but a decrease of 76% from its all-time high on November 10, 2021.