Bitcoin hit $60,000 and a strategist looked at his screen and said this number matters. Another strategist saw the same screen and said $40,000. Both men get paid to do this. Both men have clients who listen.
The phrase "critical technical battleground" showed up in a headline about a number that moves based on whether teenagers in Seoul feel optimistic. Technical analysis is when you draw lines on a chart until the lines tell you what you already wanted to hear. It's astrology for people who wear Patagonia vests.
A 30% drop from $60,000 lands you at $42,000. One strategist called for $40,000. He missed the target by $2,000 while literally calculating downside. This is the precision we're working with. This is the expertise that got quoted.
Retail traders will read "critical technical battleground" and think it means something. They'll check the RSI and the MACD and seventeen other acronyms that sound important. They'll draw support lines at $60,000 because a strategist said so. Then Bitcoin will close at $59,987 and they'll call it a breakdown and sell everything to a market maker who's been waiting for exactly that kind of stupid.
The strategists hedged both ways. Watch $60,000. Maybe $40,000. Possibly lower. Perhaps higher. They built escape routes into every sentence. When Bitcoin moves, one of them will clip the headline and tweet "Called it." The other will stay quiet and issue a new report with new levels and another phrase that sounds like warfare.
Nobody who actually knows where Bitcoin is going would tell you for free in a news article.
Photo by on Unsplash
Leave a Comment