‘Demand Curve’, ‘Support Level’, ‘Zig Zag Correction’ – crypto analysts have many terms to describe the activity in price charts. But January’s sudden 30% rally in crypto prices has been attributed to a brand-new phenomenon called ‘f*ck knows’.
Planet Crypto’s market analyst, Andy Graf, explained the narrative behind the recent price movements.
“You can see through December there’s some pretty simple economics on the chart – levels of support through Bitcoin’s 200 week moving average, minor pumps plateauing then reversing through a narrow trading range, and movement near the lower Fibonacci level which is to be expected given the damp macroeconomic headwinds of interest rates, inflation and the FTX situation. All very self-explanatory. Then looking at January… yeah, f*ck knows why that’s gone up. There’s still inflation, interest rates are still rising and FTX is still bankrupt. F*ck knows why it’s all gone up 30%.’
Popular crypto twitter analyst, Mark Mywords, offered an alternative perspective on the market’s behaviour.
“There’s a perfectly logical explanation. If you look at a whalemap where you can see the macro double bottom here, cross reference it with the Spent Output Profit Ratio, then overlay it with the last five cycles of the Elliot Wave principle, you can clearly see…. actually, no, you’re right. F*ck knows why the price went up. Doesn’t make any sense at all, does it?”
So there you have it. The psychology of the market summed up in two words. F*ck knows.