• Coins MarketCap
    • Coins MarketCap
    • Crypto Calculator
    • Top Gainers and Loser of the day
  • Crypto Exchanges
  • Bitcoin News
  • Crypto News
    • Cryptocurrency
    • Blockchain
    • Finance
    • Investing
    • View all latest Updates regarding crypto
Monday, February 6, 2023
WIREOPEDIA
No Result
View All Result
Contribute!
CONTACT US
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
WIREOPEDIA
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
No Result
View All Result
WIREOPEDIA
No Result
View All Result
Home Blockchain

Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?

wireopedia memeber by wireopedia memeber
December 13, 2021
in Blockchain, Crypto, Crypto Market, Cryptocurrency, Finance, Investing, Market
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

The crypto market is in turmoil – a major change from the exuberance that kickstarted the year. One of the most important figures responsible for the euphoria in Q1, was none other than the self-proclaimed Dogefather, Elon Musk. His sudden love affair with Bitcoin and other crypto assets send valuations flying, and once he changed his tune, so did the trend.

You might also like

Over $76M invested in crypto funds in past 7 days

Digital Yuan Gifts In China During Holiday To Increase Adoption, Report Says

FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs

Now, the Tesla and Space X frontman is also made it on the front cover of Time Magazine as the elusive person of the year. But it could it be an omen that the end of the crypto bull cycle is near – or potentially already here.

Time Magazine Picks Elon Musk As Person Of The Year

Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, ranging from tulip mania to the dot com boom.

While it can be argued that like tech stocks from two decades because crypto assets make a comeback, they aren’t actually in a bubble at all, a more dramatic ‘pop’ could be on the way, according to the unfortunate timing of the Elon Musk Time Magazine cover.

Related Reading | Bitcoin “Speculative Chart” Suggests Crypto To Soon Blast off

Time Magazine selected Musk as the 2021 person of the year, which in the past has gone to names like Kamala Harris, Mark Zuckerberg, Barack Obama, and Jeff Bezos.

In fact, it’s the Amazon CEO that coincidentally could be a sign that the crypto cycle peak is near.

The Jeff Bezos cover was the dot com bubble peak, what about Elon?  | Source: TOTAL on TradingView.com
Dot Com Bubble: A Prelude To The Crypto Cycle Peak

Back in December of 1999, Amazon founder Jeff Bezos was chosen as the Time Magazine person of the year. Three months later in March of the 2000, the dot com bubble popped.

Comparing the famous internet-focused stock market bubble with the total crypto market cap provides a similar trajectory, that may or may not have run out of steam. Even if like the dot com bubble the current level in December were to hold, a peak just three months away in March 2021 would lead to the worst correction that Bitcoin and the rest of the cryptocurrency market has ever seen.

Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

But that’s only if the peak isn’t already in. Currently, Bitcoin is flirting with continuation to the downside at about $46,000 per coin. The chart above also demonstrates roughly how much more ground could be covered if the level does indeed hold.

Bull markets tend to end in euphoria, and with the market in full blown fear, the sentiment doesn’t quite match. The so-called “magazine cover” indicator has a delayed effect, because the content goes into production months ahead of the publishing date. Could this mean that the peak in April while Musk was making headlines, truly was the euphoric peak? Or has the market not quite seen anything yet in terms of what euphoria could look like?

Thoughts, @TommyThornton? Magazine cover indicator would suggest top is in, but a repeat of a December cover and March top could make sense. pic.twitter.com/YMPfYLeGDk

— Tony "The Bull" Spilotro (@tonyspilotroBTC) December 13, 2021

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Read Entire Article
Tags: BlockchainCoin SurgesCryptocurrenciesMarket StoriesnewsbtcTrading
Share30Tweet19
wireopedia memeber

wireopedia memeber

Recommended For You

Over $76M invested in crypto funds in past 7 days

by wireopedia memeber
February 6, 2023
0

A total of $76 million was invested in digital asset products during the week of January 30 to February, according to a CoinShares report The post Over $76M...

Read more

Digital Yuan Gifts In China During Holiday To Increase Adoption, Report Says

by wireopedia memeber
February 6, 2023
0

Recent events in China indicate the country’s paradigm shift concerning digital currency The digital yuan (e-CNY) is gradually forming a significant part of the Chinese currency through its

Read more

FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs

by wireopedia memeber
February 6, 2023
0

FTX debtors are seeking to claw back millions of dollars given to US political action committees (PACs) and political figures Confidential letters have been sent to individuals and...

Read more

BSV Price Prediction: Will It Survive this Consolidation Phase and Break Above $50?

by wireopedia memeber
February 6, 2023
0

Over the past month, cryptocurrencies have been growing in value However, Bitcoin SV (BSV) price has been consolidating inside the horizontal price bracket region The

Read more

Community votes to deploy Uniswap v3 on Boba Network

by wireopedia memeber
February 6, 2023
0

Enya Labs co-founder Alan Chiu said that the move will allow developers to build on and off-chain DeFi applications on

Read more
Next Post

Christine Quinn Opened Up About Dealing With Postpartum Depression And PTSD While Filming "Selling Sunset" And Accused The Show Of Bad Editing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

A dozen Bitcoin ATMs planned at the largest EU electronics retailer

April 21, 2022

Manchin rejects climate, tax elements of party-line Dem bill

July 15, 2022

Adidas loses court battle against fashion designer over stripe design

January 13, 2023

Browse by Category

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World
WIREOPEDIA

Wireopedia is an automated news feed. The Wireopedia AI pulls from sources with different views so you can see the various sides of different arguments and make a decision for yourself. Wireopedia will be firmly committed to the public interest and democratic values.

Privacy Policy     Terms and Conditions

CATEGORIES

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World

BROWSE BY TAG

Bitcoin Bitcoinist Bitcoinmagazine Blockchain Blockonomi Breaking News Business BuzzFeed Celebrity News Coin Surges Cointelegraph Cryptocurrencies Cryptoslate Defense Entertainment Health Care insidebitcoins Market Stories newsbtc Politico Skynews Strange Technology Trading UK US World

RECENT POSTS

  • Dramatic rescues in Turkey and Syria amid growing fears over the safety of buildings
  • ‘A wonderful teacher and delightful person’: Colleagues pay tribute to head found dead with daughter and husband
  • Police officer raped by Carrick says colleagues would have ‘laughed’ if she reported it
  • Over $76M invested in crypto funds in past 7 days
  • Digital Yuan Gifts In China During Holiday To Increase Adoption, Report Says

© 2022 WIREOPEDIA - All right reserved.

No Result
View All Result
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
  • Contribute!

© 2022 WIREOPEDIA - All right reserved.

  • bitcoinBitcoin(BTC)$22,950.00-0.56%
  • ethereumEthereum(ETH)$1,640.17-0.20%
  • tetherTether(USDT)$1.00-0.35%
  • binancecoinBNB(BNB)$327.860.25%
  • usd-coinUSD Coin(USDC)$0.99-0.62%
  • rippleXRP(XRP)$0.398451-0.58%
  • binance-usdBinance USD(BUSD)$1.00-0.37%
  • cardanoCardano(ADA)$0.3930870.66%
  • dogecoinDogecoin(DOGE)$0.0920350.02%
  • matic-networkPolygon(MATIC)$1.210.34%
  • okbOKB(OKB)$43.740.86%
  • solanaSolana(SOL)$23.38-1.09%
  • shiba-inuShiba Inu(SHIB)$0.0000150.46%
  • staked-etherLido Staked Ether(STETH)$1,635.09-0.20%
  • polkadotPolkadot(DOT)$6.721.09%
  • litecoinLitecoin(LTC)$96.76-0.14%
  • avalanche-2Avalanche(AVAX)$20.22-0.26%
  • tronTRON(TRX)$0.063439-1.19%
  • uniswapUniswap(UNI)$6.84-1.06%
  • daiDai(DAI)$1.00-0.30%
  • cosmosCosmos Hub(ATOM)$14.450.68%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,879.00-0.64%
  • chainlinkChainlink(LINK)$7.010.06%
  • bitcoin-cashBitcoin Cash(BCH)$133.97-0.35%
  • stellarStellar(XLM)$0.091163-0.33%
  • crypto-com-chainCronos(CRO)$0.081015-0.66%
  • nearNEAR Protocol(NEAR)$2.38-0.40%
  • filecoinFilecoin(FIL)$5.310.59%
  • algorandAlgorand(ALGO)$0.2597200.34%
  • vechainVeChain(VET)$0.024316-0.24%
  • axie-infinityAxie Infinity(AXS)$10.95-0.15%
  • elrond-erd-2MultiversX(EGLD)$44.95-0.64%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001861.82%
  • compound-ethercETH(CETH)$32.89-0.28%
  • terrausdTerraClassicUSD(USTC)$0.0326201.17%
  • ftx-tokenFTX(FTT)$1.91-20.60%