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Bitcoin Market Crashing: Is this the end of Bitcoin or a pause before the next Bull Run?

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Posted by Sol Palha's Tactical Investor

on Wednesday, 24 January 2018 09:02

btc-question-markFor greed all nature is too little.

Seneca

Whenever the masses fully embrace a market, trouble is usually close at hand, and that's what occurred with bitcoin; the masses were completely enamoured with Bitcoin. The masses were euphoric and were expecting bitcoin to soar to the next galaxy. Wild targets of $100,000 were being issued that sounded more like the ravings of a lunatic than of an expert. In an article published on the 4th of December 2017 we made the following comments:

Bitcoin, on the other hand, is now in the feeding frenzy stage, so this market is ripe for a correction. Tactical Investor

The problem with Bitcoin is that it’s not the only cryptocurrency; every Tom, Dick and Harry can issue a cryptocurrency, and to date, that is is what is occurring as we speak. There are so many cryptocurrencies out there that it in our opinion the better way to score a home run would be to issue your own cryptocurrency.

What caught our attention was that the masses were jumping up in joy and embracing bitcoin, but for over nine years they refused to embrace the equities bull market. Mass psychology states that when the masses are euphoric (not to be confused with bullish); the outlook is going to take a turn for the worse. And more or less that’s what transpired with bitcoin.

Clear Psychological signals that all was not well



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Currency

Positioning Ahead of Additional Dollar Weakness

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Posted by SprottMoney.com

on Wednesday, 24 January 2018 07:03

Through the first three weeks of 2018, one of the key stories has been the falling US dollar. Expect this trend to continue and even accelerate as we go through the year. 

After peaking with a false breakout near 104 in early 2017, the US dollar (as measured by the Dollar Index) has continued to plummet in 2018. As I type, the index is near 90 and already down over 2% year-to-date. Dollar weakness has traditionally been positive for commodity prices, and the evidence of this can be seen below. 

First, check the clear and obvious top in the Dollar Index. Note the breakdown through 92, and the most recent drop through the 2017 lows near 91. 

9f35ea8f6f846ffefca2ddd13d3401a7

In a reaction to this, note the clear bottoms and breakouts in the two most important global commodities, copper and crude oil: 



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Currency

Martin Armstrong: Cryptocurrency & the Race for Money

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Posted by Martin Armstrong - Armstrong Economics

on Friday, 19 January 2018 04:33

Cryptocurrency-bitcoinMartin Armstrong argues strenuously its "nonsense" that Crypto Currencies are free of government. Governments simply will will not allow that to happen. Safety? If the electric grid goes down you've got NOTHING he says. The global power requirements for Crypto Currencies are massive as this article points out: The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries- Money Talks ED.  

QUESTION: You have talked about bitcoin and are rightly skeptical as we all should be, yet creative destruction rolls on. What insights do you have to share about the Dapps and Ethereum? In reading your blog for several years now you have truly opened many peoples minds. Thank you for your insight!

KS

ANSWER: If you want to trade Bitcoin, use the futures. The futures market will bring stability to the price and open the door for hedging what is otherwise at times an illiquid market. Understand one thing. This is all part of the shift from Public to Private. Cryptocurrencies are marketed as some magic money that will be free of the fiat world of government. That is total nonsense for governments will by no means allow that to happen. Nevertheless,  this is part of the same anti-government movement that brought Trump to the White House, BREXIT, Catalonia uprising, Ukraine revolution and so on. This is the rise in the stock market and the shift of capital from government bonds to equities. This will all end in a monetary crisis event perhaps as soon as 2021.

Keep in mind that Coinbase had to give up everyone’s name to the IRS and they sent out notices warning people they better claim their profits because the IRS will be looking to audit anyone trying to hide their gains from taxes. The technology of Bitcoin is inferior to other currencies. I believe in the end, we are moving toward electronic money but the governments will control it. This idea that somehow it is safer because it is outside the central banks is really nonsense. So is gold, commodities, real estate, and shares. There is a huge void with respect to counterparty risk in the cryptocurrency world and the fees to use this stuff are outrageous. I do not see this as a viable situation moving forward in time. It also requires a power grid. Take that out and you have nothing. The good old tangible things will always survive. If society collapsed, electronic money in all forms may not survive. Also remember that today only about 4% of all transactions take place in paper money. We already live in an electronic monetary system.

....also from Martin:

Politically Correct Trading – A Whole New Challenge



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Currency

Bob Moriarty: Get Ready For A Cascading Default From The Crypto Crash

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Posted by Bob Moriarty via Energy & Gold Ltd.

on Thursday, 18 January 2018 06:27

bitcoinafter180118

Chart from Clive Maund

Bob Moriarty, founder of 321gold, has been adamant about Bitcoin and cryptocurrencies being the biggest bubble we’ve ever seen. He has been incredibly accurate in our recent conversations, calling Bitcoin a bubble that had burst in our last conversation on December 22nd, even offering a prescient quote “the bubble has popped but most people don’t know it yet.”

He hasn’t become any more optimistic on cryptos in the last few weeks, in fact he sees a much deeper decline coming and this time Bob offers somewhat surprising advice to investors given his usual bullishness on precious metals.

....continue reading HERE

 

....also from Bob Moriarty:

Altamira Begins Releasing Results

 



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Currency

Victor Adair: Momentum Accelerates

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Posted by Michael Campbell & Victor Adair

on Tuesday, 16 January 2018 13:45

Victor Adair on the US dollar Index breaking down sharply lower below the 2016 & 2017 lows in first few weeks of 2018 while stocks, crude oil, interest rates & Gold move sharply higher 

Screen Shot 2018-01-16 at 1.41.07 PM

 



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