Bitcoin Is Moving Beat For Beat The Same As 2022, TA Chads Are Calling For A Big Crash
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Graphs, graphs, graphs, who doesn’t love a good graph, huh? Do you know the great thing about graphs? You can make them say whatever you like.
Case in point: this viral X post from Against Wall Street (no relation) in which they line up Bitcoin price graphs from 2022 and 2026 to imply that a big crash is on the horizon.
And yeah, when you put a big yellow line over the top of things it’s hard not to see what they’re seeing, but let’s look closer, shall we?
First up is the fact that the comparison is between two different price points (obviously, I guess), but more importantly, they’re completely different periods, May-June for 2022 and Feb-March for 2026. And not even that, they don’t cover the same length of time. The ‘26 one is way more spread out but I guess you just have to imagine it’s squished?
Which brings us to the main point which is that even the yellow lines don’t actually line up. These are different lines guys! Every angle is slightly different. I mean, yeah, asset price is going to up and then down and then up again but that doesn’t mean it’s the same thing. Anyone can draw lines over things and make them look the same. And like, I know that they do look spookily similar but only similar, not identical.
I’d like to point you towards this website, you’ve probably come across it, it’s called ‘spurious correlations’, have a click through some random ones, it’s really entertaining. But it just goes to show that, say it with me: correlation does not equal causation. Vaguely similar looking graphs can always be found and made to look like that means something.
Bitcoin? When Did That Ever Go Down?
Even if Bitcoin was doing exactly the same thing as before, this stuff is unpredictable, right? That’s the whole point? Why would this exact up and down from four years ago mean that this exact up and down will lead to the same next thing? Could be completely different guys.
Look, I’m not an expert in this (can you tell?) but it seems to me that people are desperate for any kind of certainty about what’s going to happen next. Even if the info is bogus, they’d rather have the feeling of security over the terror of uncertainty.
And especially when there’s money to be made, these things spread like wildfire. I guess that’s what keeps economists employed, doesn’t it?
Sure, maybe I’m wrong and Bitcoin really will dip exactly the way Against Wall Street predicts but I’m just saying, keep your wits about you, yeah? Don’t fall for everything you see. Alright, you go have fun now, I’ll see you back here for dinner.
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