Bitcoin: The Best Performing Investment of the Year
By LawrenceHere is the weekly Bitcoin chart in US dollars.
This virtual currency, or whatever asset class you want to name it, it is definitely one of the best investment ideas for year 2016.
It follows STOPD and chart patterns all its way and here we are, the projected upside target is in sight based on the range of year 2015.
How funny people are saying that it would simply crash and disappear?
As I explained before, the value of a “currency” depends on its acceptance. Since bitcoin is accepted worldwide, it has already gained a position that the currencies of small countries can be compared to.
Is this pure speculation? Maybe. If you look at the hidden premium like the value of US dollar or Euro, there is no difference there either.
Since Bitcoin has finally reached its primary target of 900, it will be a difficult path ahead for it to make further gain going into year 2017.
One thing I am sure about though, is that Bitcoin will continue to behave in a way we can understand through the lens of STOPD and classic chart reading techniques.
LC, would you consider doing a STOPD update to this post as a new post? I have read your book on STOPD several times and understand it fairly well. Digital assets (on the whole) perform within a STOPD framework, but they can reach many 100% expansions in a short period (quarter). Because a year is a lifetime in digital assets, what are your thoughts on more effective time periods? May/June monthly STOPD on ETH proved very accurate, it ran out of gas around the 100% expansion level, which was 390ish. Thanks.