What’s Up with the Laser Eyes?
So, Peter Brandt, a veteran trader with a knack for charts and a healthy dose of humor, has a wild theory about Bitcoin’s latest market correction. He suggests that the rise of the “laser eyes” fad on Twitter correlates with significant market moves. In a cheeky tweet, he claimed, “The chances of a correction in cryptos is directly related to the prevalence of laser eyes on Twitter. Want the correction to end? Get rid of your laser eyes.” It seems the Instagram-age influencers of crypto have their laser eyes aimed at trading screens and wallets these days.
A Quick Look Back in Time
The whole laser eyes phenomenon kicked off in February 2021, making crypto enthusiasts change their Twitter profile pictures to include, well, glowing laser eyes. The intent? Show support for Bitcoin on its journey to the moon, or at least a price tag of $100,000. Coincidence or not, this surge of glow-in-the-dark tweets coincided with Bitcoin hitting a high mark of $57,800 before correcting a quick 25% to a cozy bottom of $43,500 a week later. Timing? Might just be everything.
Current Market Movements: What’s Happening?
Fast forward to now, Bitcoin has recently corrected from its gleaming all-time high of $64,600 on April 14, now sitting comfortably (or perhaps uncomfortably) at $53,600. Yikes, that’s a 17% dip! While many seers are clutching their crystals and forecasting doom, Brandt remains unshaken. In his calculations, this correction is a mild 20%, and while that sounds like an apocalypse for most, he assures us it’s just a dip in the grand scheme of historical trends.
History Says What?
Brandt’s wisdom reveals that drawdowns of around 20% are historically mild. He notes that Bitcoin has that charming habit of testing its 18-week moving average, which is currently stationed at around $46,615. Just a casual expectation of a 28% correction, which would send prices hurling back down to $42,000. But fret not, dear traders; he personally doubts we’ll hit that rate again. With Bitcoin, one must always be ready for unexpected twists or a sudden left turn—hold on to your hats!
Other Voices in the Crypto Wilderness
Let’s not forget the herd mentality we often see in crypto. Rekt Capital, another analyst in the space, pointed out that the February dip was actually three times deeper than this current plummet. Right, three times deeper! He reminded us that February’s market now looks like a minor speed bump compared to what happened then—yet, Bitcoin managed to bounce back with a rally of 90%. If that’s not motivation to keep your laser eyes glowing, I don’t know what is!
Conclusion: Where do We Go From Here?
In a world where laser eyes reign and market corrections ensue, Brandt’s advice is clearly not to panic, but to keep a sharp eye on those elusive trends. Market exuberance, or the lack thereof, might just be the signal we need to watch closely. Stay informed, stay nimble, and for goodness’ sake, maybe avoid the laser eyes for a bit—just until the market settles down.
