Efficient Market Hypothesis
EMH is a well known theory in financial economics. EMH is based on ideas of Friedrich Hayek (1974 Nobel prize) and others. According to Hayek markets are information processing systems, delivering the best possible price discovery [8].
EMH is formally described by Eugene Fama (2013 Nobel prize) and comes in three flavors [9]:
Weak EMH: historical price data is already priced in and cannot be used to make profits. Technical Analysis (TA) and Time Series Analysis (TSA) do not work.
Semi-strong EMH: public news from media outlets like MSNBC, Bloomberg, WSJ and research companies is already priced in and cannot be used to make profits. Fundamental Analysis (FA) does not work.
Strong EMH: even inside information can not be used to make a profit, because all information is already priced in.
Most investors and economists agree that modern financial markets are reasonably efficient (i.e. they accept weak and semi-strong EMH), however they reject strong EMH.
https://medium.com/@100trillionUSD/efficient-market-hypothesis-and-bitcoin-stock-to-flow-model-db17f40e6107Id est même si le marché Bitcoin n'est que faiblement efficient (Weak EMH) l'AT ne peut pas permettre de réaliser de profits(alors que l'AF le peut tant que le marché n'est pas semi-strong EMH). Selon cette théorie, l'AT ne peut fonctionner que dans les marchés qui ne sont pas efficients du tout.