‘Laser eyes’ to blame for Bitcoin correction — but it’s ‘very mild’ anyway
Veteran trader and chart guru Peter Brandt made a cheeky correlation on Twitter between the current bitcoin market correction and the proliferation of laser eyes.
In a tweet on the 18th. In April, a technical analyst linked the correction to irrational exuberance in the markets, illustrated by a meme:
The likelihood of a crypto correction is directly related to the increase in laser eyes on Twitter. Would you like the amendment to be withdrawn? Get rid of your laser eyes.
The laser eyes are a reminder that originally in February 2021, crypto-influencers, industry leaders and ordinary users changed their Twitter profile pictures to include laser eyes. Fantasy should mean upside support for the bitcoin price until it reaches $100K.
Moreover, this date roughly coincides with the local peak in the price of bitcoin, which took place on the 21st. In February, it reached $57,800, followed by a 25% correction to end a week later at $43,500.
Bitcoin corrected its recent high of $64,600 on the 14th. April at its current price of $53,600 this week, up 17% at the time of writing.
However, Brandt is not really worried about a return to a price record. Brandt’s decline has brought the current correction to 20%, which he says is historically very low. In his tweet of the 20th. In April, he explained that bitcoin’s bullish trends have always tested the 18-week moving average, which at the time was $46,615. This would result in a much larger correction of about 28%.
Historically, the 20.0% leak in bitcoin has been very light so far.
There is a strong uptrend in $BTC testing the 18-week MA (currently at 46,615).
Personally, I doubt this retest will happen, but bitcoin has a habit of causing surprises. pic.twitter.com/lyfXlgpAHK
– Peter Brandt (@PeterLBrandt) April 19, 2021
According to Brandt, the average correction over the last 14 corrections is about 35%. A drop to this level would mean a drop in the price of BTC to $42,000.
Other analysts also pointed to historical data as a cause for concern. Rect Capital tweeted that February’s drop was three times that of this week:
In February, the market capitalization of altcoins increased 21%.
Second, Altcoin’s market capitalization increased by 90%.
Today, the altcoin’s market capitalization is down 7% from its peak level.
February’s dive was three times deeper than this one.
February also called for a new bear market#Crypto.
– Rekt Capital (@rektcapital) April 21, 2021
Brandt explained his laser-eye theory in an interview with crypto researcher Laura Shin on April 13, saying that overenthusiasm in any market is always a warning sign:
The more people put on laser eyes, the less you know the market will be volatile for a while and not go straight….. will go When people start banging their heads in public, I have bitcoins. I have bitcoins. Look at me. I have laser eyes. This is always a sign that the market will at least stabilize.
Currently, BTC is down 5% over the past 24 hours at $53,600.
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