In this Everything Bubble nightmare we’ve been living through since March 9, 2009, assets continue to vault to lifetime highs each and every day with one notable exception: crypto.
At long last, the crypto creeps have been shamed into oblivion, and while most of these “coins” are ultimately heading for $0, there’s already been substantial progress in that direction with even the bluest of the blue chips, Bitcoin (BTC.X), losing well more than half of its value in a matter of months.
I have been peeing in crypto’s face for a long time, and conversely, I’ve been a booster of BITI, the bearish ETF against Bitcoin.
It has just completed a magnificent, inverted head and shoulders bottom, and if the measured move comes through, we should be looking at a target price of about $42, which seals up a major price gap quite nicely.
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