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The King Approaches

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Early this year, I took a deep breath and uttered what I thought was a laughable price target on Bitcoin, which was based on its Fibonacci extension. The target was above $73,000 and, hard as it may be to believe, we’re getting awfully close, with “only” about 15% to go.

Here is a closer view, showing the recent breakout and the target price:

I always thought this thing started off at one penny per coin, which would be insane enough, but that isn’t true. Turns out this thing kicked off its life at $0.0008, which absolutely boggles the mind. I think nothing on Earth better represents how we have collectively gone Looney Tunes.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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