When I first heard of BTC, it had already been up to $1,200 and back down to $200. I thought it "stupid, backed by nothing, going to fade into the dust... and take all the hopeful sheeple with it". So..... just in case anyone ever thinks I "know something".... I obviously don't.
Here is the analog with dates. Buy and hold until 2023. 100 year Gann cycle. Why is the US dollar acting like the Reichs Mark?
It certainly can go much higher , the question is will it stay higher I say no that's why I am short , it's a bubble and this shtt coin is going to burst eventually .
OP, if your chart is intended to be a veiled jab at Bitcoin-bears, I think you should be careful. Bitcoin has had the fastest, most parabolic rise of any financial asset in world history. Which is great for those who are long, but you look at history, 99% of charts that look even remotely similar to BTC's chart end in tears for most participants. All of the following had very compelling "justifications" for their price rise (perhaps even moreso than BTC), yet all left late-buyers with staggering losses: * Crude oil 2004-2008 * Silver 1980 * Silver 2011 * Teletubbies 1998 * Marijuana penny stocks 2014 * South Sea common stock 1720 * Nikkei 225 1989 * Japanese real estate 1989 * Soybeans 1973 * US tech startups 2000 * Las Vegas real-estate 2006 Knowing that history, I think we need to have a little respect for what markets or capable of - both on the upside and on the downside
BTC is demonstrating the classic "madness of crowds". Best be careful about betting when you think the crowd will/should come to its senses.
Year but aren't you just picking one huge winner out of many crypto currency's and figuring that since it has been a huge winner that it will continue? Apple is up 52% this year put your money in that.
Bitcoin isn't even the biggest winner. 2017 is when other cryptos took over gain-vise (sector rotation), and new money discovered that although the Bitcoin train might have left the building but other cryptos still can make sizeable returns. LTC went up 200% in the last 5 days, BTC is up only less than 10%. So as 2017 was the year of LTC and ETH taking over profitwise, 2018 will be the year of big crypto crashes when even the new money realizes that this kind of returns can not be up and there is such a thing as too much of a good thing...Having bitcoin futures is just a sign of the top and also will make BTC less volatile in the long run, helping other cryptos to gain acceptance/rise.