Recently a 50-page long survey report of Hedge Funds investing/trading in Cryptocurrencies in 2019/2020 was published.
First of all, I did not find this myself. it was one of my favorite crypto personas - Guy at Coin Bureau - who made a summary of the report in his new video. Great work as always. At the end of the video I was almost shocked when he presented what the Hedge Fund managers' price prediction for end of 2021 were:
Now look at the chart above. Only 1 respondent thought the price would be below $50k. All the rest predicted above $50k, with 30% predicting above $100k by 31st of December 2021
Very bullish outlook if you ask me. But here's the catch: I double checked the report myself to find this:
"At the time of the closure of our survey, the Bitcoin price was hovering around US$59,000..."
This completely changes the perspective, doesn't it? At that time majority were probably bullish. In fact, those prices (purple box) were last seen only couple of days before the May 19 crash:
Blame it on FUD news or just the market exhaustion, the reality is the overall market sentiment between when the Bitcoin price was around $59k and now are complete opposites.
At the end, I am not criticizing Coin Bureau of misleading information because it is completely normal to have one's own biases. But when presenting to tens (soon hundreds) of thousands, a small detail that may give a completely different viewpoint, should not be omitted. That's why the moral of the story is to trust your own analysis only.
Resources:
*Report itself (pdf): https://pwc.to/34Srpf9
Coin Bureau's video:
Welcome to club dear, nice to see you around :)