Could a cover from Elon Musk Time magazine predict the peak of the crypto cycle?
The crypto market is in turmoil – a major change from the exuberance that started the year. One of the most important figures responsible for the euphoria of the first trimester was none other than self-proclaimed Dogefather, Elon Musk. His sudden love affair with Bitcoin and other crypto assets stole valuations, and once he changed his tone, so did the trend.
Now, the leader of Tesla and Space X is also on the cover of Time Magazine as the elusive Person of the Year. But that could be an omen that the end of the crypto bull cycle is near – or potentially already here.
Time Magazine chooses Elon Musk as Personality of the Year
Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, from the tulip mania to the dot com boom.
While it can be argued that, as tech stocks two decades ago because crypto assets are making a comeback, they’re not in a bubble at all, a more dramatic ‘pop’ could be on the way, depending on the unfortunate moment. de Elon Cover of Musk Time Magazine.
Related reading | Bitcoin’s ‘speculative chart’ suggests crypto will take off soon
Time Magazine chose Musk as the 2021 Person of the Year, who in the past has gone to names like Kamala Harris, Mark Zuckerberg, Barack Obama, and Jeff Bezos.
In fact, it’s the CEO of Amazon who, coincidentally, could be a sign that the peak of the crypto cycle 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 peak of the crypto cycle
In December 1999, Amazon founder Jeff Bezos was voted Personality of the Year by Time Magazine. Three months later, in March 2000, the dot-com bubble burst.
Comparing the famous internet-driven market bubble to the total crypto market cap provides a similar trajectory, which may or may not run out of steam. Even if, like the dot com bubble, December’s current level were to hold up, a peak of just three months in March 2021 would result in the worst correction Bitcoin and the rest of the cryptocurrency market have ever seen.
Related reading | Bitcoin Bottom Bear Market Signal, Black Thursday Could Save The Bullish Race
But this is only if the peak has not already been reached. Currently, Bitcoin is flirting with further decline to around $ 46,000 per coin. The chart above also shows roughly how much ground could be covered if the level actually held up.
Bull markets tend to end in euphoria, and with the market in full fear, sentiment doesn’t quite match. The so-called “magazine cover” indicator has a delayed effect, as content goes into production months before the publication date. Could that mean that the April peak when Musk was making headlines was really the euphoric peak? Or has the market yet to see anything of what euphoria might look like?
– Tony “The Bull” Spilotro (@tonyspilotroBTC) December 13, 2021
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Featured image from iStockPhoto, Charts from TradingView.com