Why Bull Market Predictions Are Almost Always Wrong
Disclaimer: This is not financial advice. I am not a financial advisor. What follows is my personal, subjective, biased opinion.The News
On Wednesday, Reddit user jackfaker shared a graphic matching Bitcoin’s price to popular Reddit headlines in the past two months. As it turns out, bullish reports have made the front page of r/cryptocurrency all the way through the big 70% market drop that followed January’s massive bull run.
While some posters have indeed managed to time their analysis well, most can now easily be called out for having been blatantly wrong.
The Facts
The cryptocurrency subreddit has over 630,000 subscribers. A post with 100+ upvotes can expect to get several thousand views and anywhere from a few dozen to a few hundred comments. From checking the community almost daily for the past eight months, I can confirm that ‘bullish reports’ make the front page close to every day.
Meanwhile, both Bitcoin in specific and the overall cryptocurrency market are down about 60% from their respective all-time highs of $20,000 and $800 billion in…
