BTC as a complex asset: Expert warns against blind contrarian moves without analysis

In a recent post on X, Jason Choi, co-founder of prop investment firm Tangent, shared his 2022 trading misstep, prematurely reinvesting in Bitcoin (BTC) at $40,000 after a price drop based on other fund managers' bottom calls. He exited well before BTC ultimately bottomed at $15,000 and was on track for a profitable year until the FTX collapse erased 10% of his portfolio. This experience taught him valuable lessons about market timing. Choi pointed out the limitations of past approaches, noting BTC's evolution from a closed system to a more complex asset influenced by numerous macroeconomic factors. Quoting the Warren Buffett maxim of "being greedy when others are fearful," he suggested blindly going against market sentiment without proper analysis can be dangerous.