Earlier this month Fundstrat Global Advisors made the prediction that the Consensus conference would generate a price spike for Bitcoin. Well, Tom Lee and crew were wrong...again.
The Consensus conference occurred for this week and was marked by a notable decline in the price of Bitcoin.
Maybe the false hype from Fundstrats merry pranksters caused a run up leading to the conference which could only fall apart once the big week arrived. It feels like every thing Tom Lee touches turns to fiat, at least he's consistent.
Honestly, the impact on price that these specific events hold on bitcoin pricing is extremely overrated. Just like the time when Tom Lee said something similar about Tax Day. Even though there the price of BTC may change in the positive direction on that particular day, it may be completely due to something else, or simply due to hype that will last very few days.
I didn't see much that would have come into fruition just because a major conference is held, without any prior knowledge of what would happen during the conference. If major news came out of it, then yeah, prices can be positively impacted, but again, only temporarily.
I wonder if Tom Lee is going long on bitcoin on margin, then using his public voice to hype up the markets in order to gain rewards. Just like how the opposite happens with shorters.