micahjmiller

Bitcoin: Overpriced or Next Leg Up?

COINBASE:BTCUSD   Bitcoin / Đô la
Bitcoin             ( BTC             ) has been all the rage these last 9 months or so. Back in March 2017 BTC             reached around the price of gold             at around $1277. Personally, I didn't think that it could surpass one of the most coveted hard assets around. How wrong I was. BTC             pulled back down to around $1000 in April. From there, BTC             sky-rocketed up to its current price of $6,370 with almost no slow down in sight.

If you look at this chart, BTC's RSI is up to 80.04. Fundamentally, this screams "overbought." But, is Bitcoin             really overbought? It hasn't been around long enough for us to completely understand how this asset is supposed to perform in financial markets. The other day Goldman Sachs came out saying Bitcoin             is a necessary piece to anyone's portfolio. This will send BTC             screaming much higher. I wouldn't be at all surprised if it reached $8,000 by Christmas.

However, here is my warning to you: Goldman Sachs may be a key piece into bringing down the market. Why would I say that? Easy. Big players in the market, or "whales," can cause an extreme amount of manipulation. If Goldman Sachs' activity in the crypto market increases the volume to a great extent, it will drive the price much higher.
You might be saying to yourself, "Well, what's the problem with that? WE GETTIN' RICH BABY!" That may be true for now, but if Goldman Sachs owns a majority of the crypto market, when they sell off it could have a large whale-like impact on cryptos sending those puppies down into the abyss. I'm skeptical that there may be political interest at play here. Why would such a big player in the markets get in so late? If they send the market down, I would have no doubt that big banks like them would scoop up all these cryptos at lows prices in order to bend them to their will. They do the same thing with gold             and silver             . Manipulation takes place in every financial asset, that's just the twisted world that we live in.

I'm not saying don't buy BTC             , but be ready sell. Don't get too greedy. If you're up 1000%, for god's sake, sell. Those are phenomenal gains.

One last word of wisdom: when others are fearful, be greedy. When others are greedy, be fearful.

Buy low and sell high my friends.
Nice opinion write up.. but in my opinion the chart should be logarithmic
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micahjmiller grape_ape
@grape_ape, Still learning how to navigate the interactive charts... I'll keep that in mind for next time.
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