Bitcoin hit a new ATH and lack of FOMO suggests $100,000 is next

After a week-long consolidation with a few corrections below $90,000, bitcoin’s bull run resumed yesterday, with the asset marking a new peak of just over $94,000.

On-chain and social data indicated that the asset’s rally may be far from over, raising the question of whether it has the legs to reach the coveted $100,000 level.

BTC ATH Driven By…?

CryptoPotato reported yesterday’s price surge that pushed BTC to around $94,000, but minutes later it rose to $94,040 (on CoinGecko), which is the current all-time high. Many experts suggested that the main reasons for this increase are related to US ETFs.

On the one hand, local Bitcoin ETFs have continued to see massive demand, with more than $1 billion in net inflows in the first two days of the business week. On the other hand, the launch of the BlackRock iShares Bitcoin Trust (IBIT) yesterday also saw significant volumes. Bloomberg ETF expert James Seyffart commented: “These options were almost certainly part of the move to new all-time highs in Bitcoin today.”

As for whether BTC could continue to rally, Santiment posted a chart showing that current levels of FOMO don’t even come close to the euphoria following Donald Trump’s victory in the US presidential election 24 years ago two weeks

High levels of FOMO usually lead to corrections, as happened last week, but the picture looks much healthier now.

Bitcoin’s new all-time high now sits at $94,002, and the commentary on social media could be described as tepid at best. The lack of euphoria is an encouraging sign, as FOMO usually leads to corrections. As long as there is retail merchant disbelief, whales can… pic.twitter.com/PovcZidNcp

— Santiment (@santimentfeed) November 19, 2024

The healthiest landscape

Even before BTC’s spike and confirmation of weak FOMO, the analytics platform noted that long-term indicators for bitcoin and the rest of the market look “pretty solid.”

This is shown by the average age line of the dollar invested. The metric is declining, showing that “the average age of all the stagnantly moving tokens in the same portfolios is getting ‘younger.’

“In any long-term bull market, it is necessary for older, dormant coins to continuously re-circulate. This has been the most obvious case of this since the initial flow of stagnant whale coins began to move aggressively into the “October 2020”. – Santiment concluded.

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