The Bitcoin Bubble Is On

Story by: Clem Chambers 

I think it’s Iran and the US/China trade war, others think it’s the impact of the Facebook, ‘Facebank’ move with their Libra project. We could both be right.

Whatever the reason, the rise is escalating and moving to levels I’ve predicted – but at a faster pace than I was expecting.

Today’s move hits levels where I’m expecting a pause and some period of sideways trading, but the market won’t listen to me.

If this pace keeps up we are going to hit the bubble phase ahead of time, which means we might be in for an early correction too. This will be great for traders because volatility is their fuel but it is not so good for investors, who hate a crazy ride.

I am expecting new highs in the low 20ks, but I’d prefer them to be in the months ahead, not in a few days’ time and only for an hour or two. The technical setup looks tremendous. You can judge a parabolic move by the scale of its base and the current base makes for a breathtaking projection: