When to trade bitcoin? When Saturn crosses Mercury, of course
Send a link to a friend
[January 14, 2021] By
Anna Irrera and Tom Wilson
LONDON (Reuters) - Bitcoin seems so
flighty, some might argue you may as well consult a crystal ball, read
the runes or stare at the stars to divine the direction of the
capricious cryptocurrency.
Enter Maren Altman, bitcoin investor and astrologer.
The New Yorker has been following the movements of celestial objects to
predict bitcoin price fluctuations since last summer. And while many
people might mock her methods, she has built up a 1 million-strong
social-media following on TikTok.
Last week, the 22-year-old told her followers to watch for a price
correction on Jan. 11.
Why? Saturn was going to cross Mercury.
Lo and behold, bitcoin fell as much as 21% on that day, before
recovering most of its losses, slamming the brakes on a meteoric rally
that saw it double from early December to a record $42,000 last week.
"I am never going to tell someone to buy this or that," said Altman. "I
can predict price trajectories but do not claim to be a financial
adviser aware of someone's specific circumstances, and therefore never
give buy or sell advice."
For the uninitiated, Mercury represents bitcoin's price data and Saturn
is a restricting indicator.
While many people might give Altman's analysis as much credence as any
fortune-telling, she is among a growing cohort of young TikTok
influencers who began posting content on cryptocurrencies as prices
rallied in 2020.
[to top of second column] |
Maren Altman, a 22-year old astrologer, makes her predictions for
bitcoin prices in New York, U.S., January 12, 2021. Maren Altman via
REUTERS
They're jumping on the bandwagon for bitcoin, whose mysterious movements
even baffle many financial analysts, who say cryptocurrencies lack the
fundamental data points used to assess traditional assets.
"I'm a bit of a cynic when it comes to bitcoin projections," said Craig
Erlam, an analyst at forex broker OANDA. "I think it's just a selection
of people clutching at straws, trying to justify any reasons to be
bullish."
Bitcoin has jumped over five-fold since the start of 2020, prompting
investment banks to predict more future gains. Citigroup said bitcoin
could hit $318,000, while JPMorgan Chase & Co tipped it to reach
$146,000.
So what do the stars have in store for the world's favourite
cryptocurrency?
"I see some favourable indicators at the end of the month and especially
February and early March," said Altman, whose readings of bitcoin's
astrology charts are based on the date for the coin's genesis block, the
equivalent of its birthday.
"However getting into mid-March, I see a big correction. Mid-April is
also really less optimistic. May is bullish."
(Reporting by Anna Irrera and Tom Wilson; Editing by Pravin Char)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|