Only last night I wrote about $500 bitcoins, this morning it was $600, right now this evening it is past $700 and well on the way to $800. It is not unreasonable to think it will go past $1000 tomorrow! How long can this continue? This is sheer craziness!!!!
Been quite a while since I looked at what I used to refer to as my long term channel. I think its high time to break out the log charts again. There are many ways to draw lines on charts but this is one i always liked. Here’s my updated long term channel.
I think I used to have the top of the channel slightly higher in my older posts but this looks quite nice to me. We’ve been above the top of this channel since the early part of this year and even when the April bubble popped didn’t really drop properly back into it. Which is why we never saw the $50 bitcoins I expected.
Looking at the price rises of the last few days on a log scale the only time that compares to this is the 2011 bubble which took bitcoins to a stratospheric $37.
So lets move the top of the channel up to the peak of the 2011 bubble, which on a log scale is still the biggest bubble so far.
Isn’t this interesting, we are currently at the level of the April peak, will price collapse here or push on further to try and reach the same trend line as the 2011 bubble peak. If it does manage that, the price could well spike up towards $2000 or slightly beyond even.
I guess thats a prediction, although as usual disclaimer, not my fault if some other shit happens.
Hope you’ve got your emotions in check. Happy trading.