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

LONDON (Reuters) – Bitcoin seems so flighty, some might argue that you can also consult a crystal ball, read the runs or stare at the stars in the divine direction of the capricious cryptocurrency.

Enter Maren Altman, a bitcoin investor and astrologer.

The New Yorker has been pursuing heavenly counter movements to predict fluctuations in bitcoin prices since last summer. And while many people may mock her methods, she has built a social media worth 1 million followers 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.

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 high of $ 42,000 a year last week.

“I’m never going to tell anyone to buy this or that,” says Altman. “I can predict price trajectories but I do not claim to be a financial adviser aware of someone’s particular circumstances, and therefore never give buying or selling advice.”

For the uninitiated, Mercury represents bitcoin price data and Saturn is a limiting indicator.

While many may give as much credence to Altman’s analysis as any fortune telling, she is among a growing cohort of young TikTok influencers who began posting content on cryptocurrencies as prices rise in 2020.

They jump on the bandwagon for bitcoin, whose mysterious moves even explode many financial analysts, who say cryptocurrencies lack the basic data points used to assess traditional assets.

“I’m a bit cynical when it comes to bitcoin projections,” said Craig Erlam, an analyst at OANDA forex broker. “I think it’s just a selection of people grabbing straw, trying to justify any reasons to be bullish.”

Bitcoin has jumped more than five times since early 2020, prompting investment banks to anticipate more returns in the future. 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 favorite cryptocurrency?

“I see some favorable indicators at the end of the month and especially in February and early March,” said Altman, whose readings of bitcoin astrology charts are based on the date for the coin genesis block, corresponding to his birthday.

“However, in 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