Sorry, but today I’m getting a cultural shock every time I open another tab!
These guys who were calling for a Bitcoin bottom at $36K later redrew the bottom at $58K after the fact just to make it look like they were right all along!
Now let’s compare their peak Bitcoin targets. On August 6, their target was $400K. Now, just a month and a half later, it’s already $566K!
What changed?
If we look at any indicator on the monthly chart, targets simply cannot change that dramatically. Moving averages, bands, etc. on the monthly timeframe update VERY slowly, because the indicators receive updated information with each new monthly or weekly candle.
But here we just have a random stream of numbers — and the higher the number, the more people seem to like it!
Of course, we all want Bitcoin at $500K in 2029. But we need to be a little more realistic and have stronger arguments than two moving averages and some drawing skills. $BTC
These guys who were calling for a Bitcoin bottom at $36K later redrew the bottom at $58K after the fact just to make it look like they were right all along!
Now let’s compare their peak Bitcoin targets. On August 6, their target was $400K. Now, just a month and a half later, it’s already $566K!
What changed?
If we look at any indicator on the monthly chart, targets simply cannot change that dramatically. Moving averages, bands, etc. on the monthly timeframe update VERY slowly, because the indicators receive updated information with each new monthly or weekly candle.
But here we just have a random stream of numbers — and the higher the number, the more people seem to like it!
Of course, we all want Bitcoin at $500K in 2029. But we need to be a little more realistic and have stronger arguments than two moving averages and some drawing skills. $BTC
