Buying fever in the cryptocurrency market - FOMO? Bitcoin close to 25 thousand. $

Today in the morning the quotations of the largest cryptocurrency, i.e Bitcoin, approached the level of 25 thousand. USD for the first time since August 2022. If the bitcoin price manages to overcome the tops from last summer, the BTC/USD rate could be at its highest level since June.

Just yesterday, the price of bitcoin rose 9,5 percent, which was the biggest daily increase since November 10, 2022, as the market tried to recover from the collapse of the FTX exchange. There has been an increase since then BTC/USD exchange rate has been around 60% to date. Interestingly, looking at the data of the coinglass portal, the current increases are not due to the very large liquidation of short positions. While the move in mid-January wiped out positions worth hundreds of millions of dollars from the cryptocurrency market, the current rally was only supposed to clear positions worth about USD 155 million. This may mean that the price did not increase due to the so-called short squeeze, and to a large extent by purchases of investors/speculators on the market.

The CEO of Galaxy Digital Holdings believes there is a chance for bitcoin

According to a February 15 Bloomberg report, Mike Novogratz spoke at the conference Bank of America and said that:

“When I look at price behavior, when I look at the excitement of customers calling and building up FOMOI wouldn't be surprised if we were at $30 at the end of the quarter."

Sentiment towards cryptocurrencies also seems to be improving with the Crypto Fear and Greed Index climbing nine points to 62 out of 100 and moving the scale from "neutral" to "greedy" territory, according to cointelegraph.

Bitcoin can also support the halving cycle, because according to this theory, we should already be in it, as it usually started several months before the expected date of halving the reward for miners. The currently estimated halving date is March 29, 2024, which is 406 days from now.