Source: kingworldnews.com
I can just hear everyone saying 'When pigs fly' to this title. I am not disputing the fact that it seems highly unlikely based on the current trends. It is a fact that we are in uncharted territory and historically there has not been a commodity or asset that has rocketed so high in value that has not retrenched. So in all probability, cryptos need to follow suit.
Source: kingworldnews.com
The above chart shows the recent drop in bitcoin. Also shown is the anticipated trend lines, note that the lines are converging. Per technical analysis this is an indication that a price fall is on the horizon. Unlike the precious metal charts, cryptos are less likely to be manipulated (painting the tape), so I would have a tendency to have more faith in the predictions made using this chart.
Combining the predictions based on the chart and historic information, it points to a major correction in the price of bitcoin. As we all know, predictions are not cast in stone, our own judgement must prevail. But educated guesses are good tools to help us chose where we place our investments.
In the event this prediction does take place, the money will likely flow into the metals for safekeeping. Also metals are at their lows, after being pummeled since 2008. For those whom will look to the stock market, it is in a similar predicament. The stock valuations are like the prices of bitcoin, at record highs. The wild card in this is the timing and that can't realistically be predicted by the charts.
Well, I hope that there's room for metals and crypto. Of course if my crypto does well enough I'll diversify... I'm no fan of Peter Schiff, BTW. Have you seen his anti bitcoin tirades on YouTube?
No, I like you am not a fan of schiff. I stopped reading his post about 6 months ago. Others I don't follow are harry dent, bo polny and recently andy hoffman. I sincerely believe that cryptos will still be around for the long run but not at these ethereal levels. I think their value lies in the block chain technology. Metals have been around for centuries and I feel that they are not going away either. For your sake I hope the cryptos don't crash too quickly so you can get out while you still makes some profits.