Did the Bitcoin ‘Laser Eyes’ show us the temporary top again?

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Last Updated on 25 July 2024 by CryptoTips.eu

The ‘temporary top’ mark also known as the Bitcoin ‘laser eyes’, have made an appearance on social media twice in the last five years. Each time it showed the exact moment when Bitcoin had reached a temporary top. Does this passage also mean we have witnessed another temporary top or will it finally be different?

For those who don’t know, Bitcoin ‘laser eyes’ indicate that several well-known crypto fans are changing their profile picture and adding futuristic eyes because they feel very bullish about the future price movement of Bitcoin.

At the time of writing Bitcoin and Ether are following the tech stocks who want down by 3% yesterday as Tesla unveiled bad results.

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Euros and Bitcoin

Back in 2007, rapper Jay-Z stated in his song “Blue Magic” that he wanted to be paid in euros instead of his own US dollars. Gisele Bundchen, who had just married NFL superstar Tom Brady, asked for the same treatment when she became the world’s highest-paid model at the time.

As most of us know by now, that was when the temporary top of the euro/dollar rate was marked, when €1 was worth about $1.50. Ever since then, the euro has never reached that price again. It is a telltale sign of a temporary top, also known as a ‘celebrity endorsement top’.

Bitcoin also has such a ‘celebrity endorsement top’, in the form of ‘laser eyes’. We saw this for the first time back in 2021 when the price of the largest digital coin went over $50,000.

The market was euphoric and several crypto fans changed their profile picture to show ‘laser eyes’. They promised not to remove it until Bitcoin hit $100,000, which, as we know, never happened.

Back then, model Gisele Bundchen and her husband Tom Brady were busy promoting FTX, Sam Bankman-Fried’s major crypto platform, and joined in the ‘laser eyes’ trend.

2024

The phenomenon briefly returned in March 2024, just as Bitcoin was preparing to hit yet another ATH.

Well-known analyst Peter Brandt warned that he would interpret too many ‘laser eyes’ as a temporary top. He turned out to be right because Bitcoin has not reached the $74k value again since then.

Bundchen and Brady divorced

Tesla

Now, in July, the ‘laser eyes’ are back, and this time it was Tesla CEO (and richest man in the world) Elon Musk who started the trend (he has since removed the ‘laser eyes’).

However, other celebrities have followed him and so we see them popping up more and more on social media, probably to point out that the big Bitcoin2024 conference is taking place in Nashville this weekend.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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