Bitcoin has surged to put in a massive weekly reversal bar which implies tremendous buying pressure. Bitcoin is now clear to clear $3000 as a safe-haven asset on its way to $5000 and beyond.
Now, the question that should be foremost on investor’s minds is whether or not this was a correction or the popping of a bubble. Cryptocurrency bears will always scream that they are a bubble.
There are those who will always say that the government will just shut off the internet as a way to console themselves over losses they’re holding in their Gold (GLD) and Silver (SLV) assets. But, it’s noise. They don’t understand what the blockchain is and how it will alter how we do business long-term.
Bitcoin’s wild ride over the past few weeks was born of real fears of an immature industry. Of that there is no doubt. For investors spooked by this, I’m not here to allay those fears, except to say let’s look at the chart.
See that chart and more at Seeking Alpha: