Experienced trader and graphic guru Peter Brandt made a brazen correlation between the current correction of the bitcoin market and the appearance of “laser eyes” on Twitter.
IN tweet On April 18, a technical analyst tied the repair to irrational market growth, as evidenced by the memo:
“The chances of correction in the crypts are directly related to the appearance of laser eyes on Twitter.” Do you want to end the repair? Get rid of laser eyes. “
The laser-eyed meme, who originally swept through crypto social media in February 2021, saw cryptocurrencies, industry leadersand regular users change their profile pictures on Twitter to include laser eyes. Fashion was supposed to mean support for the growth of bitcoin prices until it reached $ 100,000.
Coincidentally, it also roughly coincided with the local peak in bitcoin prices, which reached $ 57,800 on February 21, and then corrected 25% to $ 43,400 a week later.
This week, Bitcoin corrected from its recent all-time high of $ 64,600 on April 14 to current prices of $ 53,600 – a 17% move at the time of writing.
However, Brandt is not really so worried about returning. Brandt’s drawing figures put the current correction closer to 20%, which he said is “historically very modest”. In a April 20 tweet, he said there was a strong history of bitcoin bull trends, testing an 18-week moving average of $ 46,615 at the time. This would mean a much larger correction of around 28%.
The drawdown of bitcoins at 20.0% is very modest to date.
There is a strong history $ BTC bullish trends for testing the 18-week MA (currently 46,615).
Personally, I doubt that such a test will take place, but bitcoin has a history of pulling surprises. pic.twitter.com/lyfXlgpAHK
– Peter Brandt (@PeterLBrandt) April 19, 2021
According to Brandt, the average size of the correction from the last 14 returns is around 35%. A drop to this level would cause BTC prices to fall back to $ 42,000.
Other analysts have also pointed to the historical record as a cause for concern. “Rekt Capital” tweeted that the February decline was three times deeper than this week’s decline:
Altcoin market capitalization increases -21% in February
Thereafter, Altcoin’s market capitalization then increased by 90%
Now the market capitalization of Altcoin is -7% from the maximum of all time
The February decline was three times deeper than this one
People also demanded a new bear market in February# Crypto
– Rekt Capital (@rektcapital) April 21, 2021
Brandt explains his theory of “laser eyes” Conversation with cryptocurrency researcher Laura Shin on April 13, stating that excessive enthusiasm in any market is always a warning sign:
“The more people put on laser eyes, at least you know that the market jerks for a while and stops going straight up … When people start pounding in the chest in public, ‘own bitcoin.” I own bitcoins. Look at me. I have laser eyes. “It will always be a sign that the market will at least rest. “
At the time of writing, BTC has traded 5% to $ 53,600 in the last 24 hours.