Last year, a cottage industry emerged of big names touting big numbers that turned out to be, well, hugely wrong.
Today, it’s fashionable to call for bleakness. One fund manager says “Crypto Winter” could become “Crypto Nuclear Winter”; another says a fall below $3,000 would portend a “bloodbath”; the team at FundStrat predicts digital assets could be in for a new round of pain. Ironically, the most bullish calls on the planet emanated from the FundStrat camp a year ago. Please do your own crypto research – it can’t possibly be worse than leading prognosticators. Their Bitcoin advice, history shows, isn’t very good when it comes to forecasting. Just FYI.
“Market timing” for stocks is being hailed as a major blunder by equity technicians. In other words, don’t get cute when you deploy capital into and out of equities if you’re a long-term investor. How many people missed the January rally because they got scared in December. Cryptos aren’t a developed asset class so no one is suggesting buy and hold is a proven, winning formula – we don’t have enough data. But it’s always good to tread lightly amid “consensus” market calls – for the man behind the curtain is just as capable of being wrong as me or you.