Monday, December 29, 2014

The Incredibe Crash of Bitcoin (And It's Not Over)

This is a one year chart. Bitcoin hit a peak in January of $961.78. This morning it is trading at $313.69.

Bitcoin price action is following the pattern of a typical pump and dump scheme.

Some techies and confused libertarians chased the price up, but after that there was no one else buying in.

There will be bounces from time-to-time, but don't get sucked in, the major fanboy buying has been exhausted.

In the EPJ Daily Alert in 2013, I recommended a buy at around $40 and a sell around $700. But the buy recommendation was not because of any long term future I saw for Bitcoin, but only because I saw the massive confused buying that was heading into Bitcoin that would result in the spike--and now this.


  1. If only I had the EPJ Alert in 2013....stupid crap job!

  2. Expectations with Bitcoin are quite high…. Lets see how 2015 will be treating Bitcoin.