Laser Eyes Meme Marked (Temporary) 2021 Bitcoin Top
Once upon a time, a long long time ago, Jay-Z rapped in his song Blue Magic about how he wanted to be paid in Euro rather than his own dollars. It came not long after Euros had surpassed Dollars in value. The year was 2007.
Gisele Bundchen, who had just married NFL superstar Tom Brady, asked for the same treatment as she was then the world’s best paid model. As most of us know by now, that celebrity endorsement marked the temporary top for the Union’s currency, when you could get $1.50 for €1. Ever since then, the Euro never reached that height again. It’s called celebrity endorsements and it’s a telltale sign of a temporary top.
There is a reason for the Wall Street cheat sheet to look like it does. At the top of the bar you’ll see Euphoria, which is mostly marked when everyone around you starts telling you to Buy.
This time round, the (temporary) 2021 top for Bitcoin was the Crypto Laser Eyes meme. Crypto fans will think twice before doing that again.
Laser Eyes To $100k
It all started with the Winklevoss twins copying a famed crypto influencer who had changed his profile pic on Twitter with laser eyes, and vowed to only revert back to normal when Bitcoin would hit $100k.
In the next few days, numerous Twitter users followed their lead, the most famous changes included Tesla CEO Elon Musk and Binance CEO Changpeng Zhao. When Republican Senator Cynthia Lummis chimed in as well, you could have drawn the conclusion that something was amiss.
The trending hashtags for the movement were #LaserEyes and #LaserRayUntil100K.
The move trended soon after until all you saw, if your Twitter feed was instructed to follow crypto influencers, were those laser eyes.
Like Mr. Musk, my day of laser eyes is almost up but my support for sound money continues. https://t.co/vF6gz2yAUC— Cynthia Lummis (@CynthiaMLummis) February 20, 2021
Smart money on Wall Street took a look at their cheat sheet and started selling Bitcoin, agreeing that a temporary top had been achieved. Euphoria had been identified and Bitcoin fell from $58k to $44k.
amphoto / Depositphotos.com