Question For Bitcoin Fans and Enthusiasts
I am on record as having said a number of times that bitcoin is and was a bubble and that it is no diffeerent than fiat currency. It may or may not break thru it’s old highs from a few years back. Technicians who follow it, do you think it is going to break the highs soon or is that going to be where it stops and has a correction? The reason I ask is because if it corrects soon a lot of that money should flow back into precious metals. If it breaks thru and goes higher then it may take a couple of months for those funds to return to gold and silver. I realize that the total value of bitcoin isn’t that great in the grand scheme of things but the hot money on the margin does tend to drive markets.
My target on Bitcoin is just a touch over 21,000 and I don’t think it can miss. When exactly is another story. It may correct some between here and there but this thing certainly has legs. And a break above old highs will just recharge its bullishness.
One EW count I am following has it exceeding $19000 in wave B of and A-B-C correction before falling significantly in wave C to complete the correction. Personally, I feel its worth nothing, so I do think it is headed much, much lower.
Thank you both for your input. I agree with you traderscott on it’s intrinsic value as stated in my post. Bubbles can stay inflated for a lot longer than we think?