Sure, no problem I know you didn't ask but I'll give the full version :-) lol
At the moment, 69% of retail traders (amateurs, who don't know shit) have bought Bitcoin and think it's going up. And statistically, 90% of retail traders are always wrong.
So whenever there is a majority of people betting in one direction, because they're wrong 90% of the time, the smart money (the city, hedge funds, professional investors) take the contrarian or opposite position. That's how they make all their money, it's a guaranteed 9:1 probability.
Another way to look at it, if everyone has already bought Bitcoin expecting it to go up, then there's no-one left to buy it, so why should it go up ? Supply and demand...
I personally wait for over 80% before entering the market (in the opposite direction) but the pros normally wait till it's 85-90%.
Hmmm dropping knowledge, thx a lot!
How did you get the current 69% number btw? Where are such statistics to be seen? I'm just wondering who are actually those 100%...people who ever owned any bitcoin?..or sold bitcoin in the previous month and now are back?
Thx Thx!
It's all publicly available information, should be able to find it using a quick google search. I just saw that one flash up on my brokers newsfeed, 69%, I think it was from a crypto brokers client list.
Here's an example though, just from a news site > https://www.dailyfx.com/sentiment?ref=SentimentWidget