Bitcoin, weekly. The late 2017 peak is completely obvious in hindsight… [PT]
A simple record of the collective delusions from the past can be quickly garnered from a price chart over time. Market peaks appear so obvious, after the fact. Perhaps with a little examination we can prevent some of our hard earned capital from being returned to dust.
Take bitcoin, for instance. What were those morons thinking who bought bitcoin at over $17,000 in late-2017? Why couldn't they tell that a severe price collapse was imminent? Now, over 16 months later, their bitcoins are about $5,230 – or roughly 69 percent less than what they paid for them.
What's more, if bitcoin doesn't hit $1 million by the end of 2020, John McAfee – the cybersecurity guy – will have to eat his most private part on national television. Apparently, McAfee consulted his proprietary pricing model before making this outrageous claim. Maybe he should have back tested it a bit more before going public with his findings.