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.