Story by: Clem Chambers
As the meme goes… ‘that escalated quickly.’
While my $100 dollar ethereum prediction in September was looking good late last week at $129:
Ethereum is now $106.
This is close enough to declare self-affirmation and go home but this crash is not over yet.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
As I write, bitcoin has hit $3,600 roughly, nigh on 20% lower (18.9%) than when I wrote last week’s doom-laden article.
I have picked up a little bitcoin (BTC) but only to back my opinion that my timing and opinion can be as off as the next man’s.
I’m still waiting for $2,500 to get serious.
But I’m not the sort of doomster that doesn’t make money when the tide turns, in fact I’m not a doomster at all. Anyone who has read my pieces on Forbes over the last 15-20 years will note many rampant bull market calls predicting ridiculous levels to the Dow etc., which came to pass.
The key to making money in the market is to know which way the market is going; little more is required. If the market is going up it’s hard to lose money as an investor and if the market is going down, it’s hard to make it. I’ve been fortunate enough to be pretty good over the years at the all-important call and I hope. If there are any fans out there, they have made much money from this rune casting.
We are in a bear market for bitcoin and equities and they are going to keep falling. The equity market has just started and the crypto market is approaching the final leg(s) of its crash.
You don’t have to know any more than that to make a bundle of money but people always want more.
So where are we with crypto?
Here are two charts I encourage you to think on: