Bitcoin was a bubble. My last prognosis at the beginning of November when Bitcoin (BTC) was at $7,000 was that I would get nervous at $30,000. But I got nervous at $17,500 and bailed. Market verticals are invitations to sell, and I’m glad I did. I am a contrarian value investor after all, not an insane momentum trader.
[Ed note: Investing in crypto coins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
The chart was a classic parabolic and anyone who has sat on a few will soon want to get off early. As an old-fashioned investor I can assure you it takes a lot of grim determination to let the profits pile up in this kind of surreal market. Fortunately, my will broke at a good moment.