An example of how technical analysis often has nothing to do with reality 🔍

People are discussing this chart right now, it was posted by one influencer on his X page.

😮 As you can see, the logarithmic chart of Ethereum shows a target of $80,000 per ETH by 2027.

According to the previous two cycles, this technical analysis is drawn correctly, but according to common sense, it is utter nonsense 🚬

ETH market cap would be over $9.5 trillion at current circulation if it were valued at $80k per coin. That's 3x the capitalization of the entire crypto market.

🤷‍♀️ Another proof that not everything that is neatly drawn on the price chart is worth believing.