By Anna Irrera and Tom Wilson
LONDON, Jan. 14 (Reuters) – Bitcoin seems so talkative, some might say you might as well consult a crystal ball, read the runes, or look at the stars to guess the direction of the finicky cryptocurrency.
Enter Maren Altman, Bitcoin investor and astrologer.
The New Yorker tracks the movements of celestial objects to predict bitcoin’s price fluctuations since last summer. And while a lot of people might scoff at her methods, she’s racked up a million social media followers on TikTok.
Last week, the 22-year-old told her subscribers to watch for a price correction on January 11.
Why? Saturn was going to pass through Mercury.
Lo and behold, bitcoin fell 21% that day, before recouping most of its losses, curbing a meteoric rally that saw it double from early December to a record $ 42,000 last week.
“I’m never going to tell anyone to buy this or that,” Altman said. “I can predict price paths, but I don’t pretend to be a financial advisor aware of someone’s specific circumstances, and therefore never give advice to buy or sell.”
For the uninitiated, Mercury represents bitcoin price data and Saturn is a restrictive indicator.
While many people can give Altman’s analysis as much credibility as any divination, she is part of a growing cohort of young TikTok influencers who started posting cryptocurrency content as prices increased in 2020.
They are jumping on the bandwagon for Bitcoin, whose mysterious moves even baffle many financial analysts, who say cryptocurrencies are missing the fundamental data points used to value traditional assets.
“I’m a little cynical about bitcoin projections,” said Craig Erlam, analyst at foreign exchange broker OANDA. “I think it’s just a selection of people holding on to the straw, trying to justify all the reasons for optimism.”
Bitcoin has increased fivefold since the start of 2020, prompting investment banks to predict more future gains. Citigroup said bitcoin could hit $ 318,000, while JPMorgan Chase & Co tipped it up to $ 146,000.
So what do the stars have in store for the world’s favorite cryptocurrency?
“I see favorable indicators at the end of the month and especially in February and early March,” said Altman, whose Bitcoin astrological chart readings are based on the date of the coin’s genesis block, the equivalent of his anniversary.
“However, in mid-March I see a big correction. Mid-April is also really less bullish. May is bullish.” (Reporting by Anna Irrera and Tom Wilson; Editing by Pravin Char)