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When to trade bitcoin? When Saturn crosses Mercury, of course

Thu, 14th Jan 2021 06:00

By Anna Irrera and Tom Wilson

LONDON, Jan 14 (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.

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)

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