KOD warning – Is the return of Bitcoin Laser Eyes sign of a temporary top?

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Last Updated on 1 March 2024 by CryptoTips.eu

Legendary analyst Peter Brandt is still a Bitcoin fan, but he also sent an ominous warning this week. It’s good that everyone is suddenly very bullish on Bitcoin again, but beware of technical ‘KOD’ (Kiss of Death) signals that could cause a temporary top, he explained.

We saw ‘Laser eyes’ on social media for the first time back in 2021. In 2024, the phenomenon is making a comeback in the past few days. Let’s just hope things turn out better this time.

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Bitcoin laser eyes in 2021

In February 2021, a single Bitcoin was worth $40,000 for the first time ever after Tesla, the company of Elon Musk (then just a regular Twitter user), admitted that they had invested some of their profits in Bitcoin.

Smaller social media users who were very bullish on Bitcoin started customizing their profile pictures with a kind of ‘laser eyes’ that made them look very futuristic. They also put Bitcoin with a hashtag in their profile, all this to show that they were very bullish about the further development of the crypto market.

When Bitcoin traded for the first time at a price of $60,000 just a few months later, celebrities started getting involved, and the hashtag #LaserRayUntil100K started trending.

Celebrities like Paris Hilton, Elon Musk and Tom Brady also joined in as from the summer and everyone thought Bitcoin would soon rise to $100,000.

In November of that year, the temporary top was set and Bitcoin started to fall as some large crypto companies got into trouble. By November of 2022, FTX declared bankruptcy and Bitcoin traded at $16k again. By then, most social media commenters admitted that the ‘laser eyes’ phenomenon of 2021 had indicated the temporary top of the Bitcoin price.

Laser eyes make a comeback in 2024

Now that Bitcoin is once again trading around $60k, Michael Saylor, founder of Microstrategy (the largest corporate Bitcoin Whale) has once again put ‘laser eyes’ on his profile photo. Elon Musk, who now owns Twitter (now X), has not yet responded in kind to the phenomenon, but he is a well-known ‘bull’ when it comes to Dogecoin and Bitcoin so be prepared for anything.

Peter Brandt warned about it and says he will consider it a counter-indicator if he sees too many of these ‘laser eyes’ photos on X anytime soon.

So you know what to look out for in the coming weeks. Or will it be different this time round?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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