Monday, November 26, 2018

Bitcoin Breaks Below $4,000 and Bitcoin Hysteria Before the Crash

Yesterday, Bitcoin broke under $4,000 to the $3,700 range. It is down 40% for the month, 62% on the year and is down 81% from its all-time high of $19.783 reached in December of last year.

I think it is now time to point to the YouTube I did almost exactly one year ago, on November 29, 2017 just weeks before Bitcoin peaked in price. The comment section to the video is a lesson in bubble phase hysteria.

In the video, I outlined different reasons that Bitcoin was likely to eventually break, including an exhaustion in buyers. This has occurred. But I also noted that a recession could bring on forced selling of Bitcoin out of Silicon Valley. This has not yet occurred but in today's EPJ Dail Alert, I put out a warning that the likelihood of a 2019 recession is now very high.  (Subscribe today, and your subscription will begin with today's analysis of why I believe a  2019 recession is very high.)

It relay pays to check out the comments at the video. All 329 of them and the attacks back then on my analysis. This is what the madness of crowds looks like. Here.


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