The post Having Crypto FOMO? Don’t Buy Bitcoin Now, Warns Expert appeared first on Coinpedia Fintech News
Bitcoin (BTC) price experienced higher volatility today following the confirmation of pro-crypto Donald Trump as the President-elect of the United States following the November 5 elections. The volatility is expected to continue in the coming days as the Federal Reserve and the Bank of England prepare to revise their respective benchmark interest rates on Thursday, November 7.
The crypto market is in a notably positive mood, with fears of a near-term correction much lower than last month. A surge in FOMO (Fear of Missing Out) traders—following Trump’s unexpected win over Kamala Harris—could push Bitcoin prices higher in the coming weeks.
Top Reasons Why Crypto Investors Should Proceed With Caution
Despite the optimistic outlook, some industry experts recommend caution. Ki Young Ju, founder and CEO of Cryptoquant, noted that investors who bought Bitcoin at the 2022 bear market lows might start taking profits soon.
He suggests that now might not be the best time for investors to go “all in” on Bitcoin, as profit-taking could limit upward momentum in the coming months.
Can Bitcoin Match Last Year’s Rally?
Analysts have also pointed to a “diminishing returns” trend, meaning Bitcoin may not see the same explosive growth as last year. While a major breakout in late 2022 resulted in over 368% gains, the current environment may not support such a strong rally.
Also Read : As Bitcoin Rallies, When Will Ethereum Price Hit All-Time High? ,
Bitcoin’s dominance has also hit a key psychological threshold above 60%, and its weekly Relative Strength Index (RSI) remains overbought. These indicators suggest that Bitcoin’s dominance could pull back soon, potentially opening up space for altcoins.
A reversal in Bitcoin dominance will give space for the altcoin market led by Ethereum (ETH), Solana (SOL) l, and Dogecoin (DOGE), among others to thrive in the coming months.
With volatility in full swing, the coming weeks may reveal if this crypto rally has true staying power or if caution will prove wise.
