I think nearly all of us have heard people say the price predictions for the next bull market top of Bitcoin are completely outlandish and firmly in fantasyland.
By outlandish predictions, according to many, I'm referring to those made by the cross-asset stock-to-flow model echoed by many analysts, even many in mainstream finance.
See below:
But wait? What if everyone believes in them, will they not be realized? Yes, but the best part is that it is the diversity of opinion and all the disbelief in particular that makes the models work.
It is the very disbelievers who allow us to front run the large investors who will drive the price to such dizzying heights by allocating mere single digit percentages of their massive portfolios.
Not all information is priced in. The efficient market hypothesis is incorrect most of the time.