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The Buttcoin Chronicles for March 10 2021

In the category of greatest bubble in the history of the world, at least since Tulip bulbs, we look again at the wonder of buttcoin.

To those of you who are fans, I say, “Give us this day our daily chart, and forgive us our trespasses.”

While its millions of fans and cheerleaders urge it on to 100k, or even a million, I look dispassionately at cycle projections and from them I’m reading 58,000, plus or minus. We’ve already been their once. I therefore hereby predict, (and for you fans of this idiotic nonsense, I don’t really care what you think so go ahead and send your hatemail), that BTC/USD will double top at 58,200 and then commence another corrective crash.

If that view is wrong, and it breaks out, then the proximate target would be 70,000, and ultimately, those who call for 100k will be proven correct.

Will Bitcoin survive to rise from the grave yet again after its next crash? I don’t know, and I don’t care. It is a purely speculative vehicle that will never have the stability to be widely accepted as a currency as its delusional proponents would have you believe. I write about it now because it is an interesting phenomenon in the Charles Mackay genre.

To my fellow shepticks, I welcome your support. And to Cryptonite fans, I give you my honest analysis, unbiased as always. By all means, please, live long and prosper.

And if you don’t like my opinion, just remember, I’m from Philly. No one likes us. We don’t care.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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