From the Desk Of A Trader #15
"So they got it very wrong, but just give it another try with a random round number?"
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, CL, ES, and NQ as well as our favorite altcoins.
Today, we are happy to share the thoughts from the desk of a commodities trader. The following views are that of Martijn Bron and do not represent the views of his employer.
From the Desk Of A Trader
Insider's "10 things before the opening bell" newsletter top headline today, I guess with some irony, is "Crypto doesn't make headlines the way it used to".
I have noticed not only that, but also that crypto related social media posts have become less popular and get less traction.
I think this is due to the following reasons;
People have enough of the frauds, the scams, the bankruptcies, the hollow finfluencers ("onward" is the new "to the moon"), the grifters, and unfulfilled promises, and no longer wish to be associated or distracted by the space anymore. Financial market top dogs like Ray Dalio, Ken Griffin and Paul Tudor Jones, who expressed some interest or even admiration during the 2021 crypto hype, have turned quiet on the topic. They seem no longer willing to be associated with it since the FTX collapse.
#aritificialintelligence has become the focus of attention of retail and Wall Street investors. AI is the next #investing and #media gravy train.
Many people face material losses, either from investing in crypto tokens or business endeavors, and they suffer in silence, and won't interact with a daily barrage of posts with bad news.
Chamath Palihapitiya, the fallen SPAC King, was quoted yesterday saying "Crypto is dead in America", "paying the price for challenging the establishment, and US regulators firmly pointing their guns at it".
Ray Dalio has always said this would happen.
There is no way authorities would allow a parallel financial system and crypto companies to continue their business model which relies on non-compliance.
My first point is clarified by the fact that it was long term Bitcoin bull Chamath, who said early 2021 that Bitcoin had replaced gold and would get to $100k and eventually $200k. And now crypto is dead.
Does he take accountability for his predictions which his followers may have acted upon?
Also yesterday Standard Chartered Bank's head of crypto research said that Bitcoin could surge to $100k by the end of 2024 as the crypto winter is finally over. I Googled the guy and not to my surprise I found a Reuters article from Sep 2021 stating that "Standard Chartered sees Bitcoin hitting $100k by early 2022, and that it could be worth $175k longer term".
So they got it very wrong, but just give it another try with a random round number?
What about former Coinbase CTO Balaji Srinivasan taking the headlines by storm last month predicting Bitcoin will reach $1 million within 90 days? The internet forgets nothing.
Have the many journalists and media channels which reported yesterday's Standard Chartered's Bitcoin prediction done any due diligence on the bank and their analyst, like I did? Apparently not. They just push out a juicy click bate headline like sheep, intoxicating uninformed hopefuls.
These type of headlines undermine the already waning credibility of their subjects, causing them indeed to become rarer and having no impact but smiles.
Which is a good thing.
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