“Many traders leveraged positions betting the stock would go down and as it became a hot topic on social media and saw artificial demand created among short sellers, there was fuel added to the fire,” said Jake Wujastyk, chief market analyst at TrendSpider, a technical analysis software company for traders.
The recent developments in the market – from the Gamestop and Meme-stock short squeezes to Bitcoin’s rocket-like rise have lead many journalists and media outlets seeking thoughts and opinions as to why these things are happening. We have been humbled to have been asked by journalists at a wide range of outlets for our thoughts. In this blog post, we’ll link to some of the press coverage and inclusion we have received recently so you can see what TrendSpider team members think!
How Would The ‘Chinese New Year’ Affect The Price of Bitcoin?
8 BTC reporters asked TrendSpider’s Jake Wujastyk what he thought about the effect that the Chinese New Year might have on the price of Bitcoin and other crypto assets. Here is what Jake had to say about it:
“I don’t think we can attribute the volatility of the market to the Chinese New Year or anything of that nature. It’s natural to be attracted to some fabricated attribution, but in this case, it is simply normal behavior after a huge run-up.
CNBC Morning Brief asked Jake what he thought about the explosion in Gamestop shares. Here is what Jake had to say about it:
“It would not be obscene to see this pull back more,” Jake Wujastyk, chief market analyst at TrendSpider, wrote in a note. “It’s like gravity – if you throw a ball into the air really hard, it will go high but eventually come back to earth.”
Why GameStop could fall as much as 85% from current levels in the 2nd quarter, according to a trading-software CEO
Business Insider asked TrendSpider CEO Dan Ushman what he thought about Gamestop’s recent explosion in share price. Here is what Dan had to say about it (you can get the idea from the title.)
“Ushman said he believes the price of GameStop will fall by 85%, returning “to where it was before the insanity began.”
Robinhood’s CEO Receives Mixed Reviews For Congressional Testimony About App’s Role In GameStop Saga
Forbes reporters asked TrendSpider CEO Dan Ushman what he thought about Robinhood CEO’s performance at the congressional testimony the other day. Dan didn’t think he did all that bad!
He thought Tenev, “… did a pretty decent job overall. He was faced with a lot of pressure from politicians who seemed to lack a full understanding of trading in some cases… and trading is very complex, there are a lot of nuances and intricacies, moving parts and rules.” He noted that, “At the end of the day, there are a lot of challenges faced by companies like Robinhood— but we should not ignore the fact that Robinhood and their peers have made investing more accessible to millions of people who otherwise would never have participated in the markets on any level.”