Bitcoins and sharemarket - the end is nigh!
Written on the 21 February 2018 by James Cagney
This is what Harry Dent's said about the share market early in February 2018 but no one seems to take notice:
" I have been warning now for many months that U.S. markets are in what is called a "rising bearish wedge," which tends to be the last move in a long bull market (and even more so in a great bubble).Stocks go up in a last orgasmic, parabolic move in a narrowing channel, or wedge, with little volatility. It looks like stocks have found Nirvana, which is what every human being wants. Everyone gets sucked in.......But then it goes down in flames."
With regard to Crypto Currencies Harry Dent found a correlation between the Bitcoin Bubble and the Internet Bubble:"There's still a remote chance that Bitcoin could surge back and break above $20,000, after which it would be curtains.
The Internet bubble saw a 46% crash in 1999 before rocketing to a new high in early 2000. The bitcoin bubble has already seen a 60% crash, which makes a new high or scenario one less likely, but it is still possible if we can hold the recent 8,800 lows at 60% down from the top.
That said, this recent crash makes scenario two look more likely, especially if it goes down further.
That scenario would see a crash down to as low as $800 to $1,000 on bitcoin, which would be down more than 95% from the top."
This is not financial advice. You should not act solely on the basis of the material contained in this article for your investment strategies. Changes in government and legislation occur frequently and without prior notice and financial markets are unpredictable. Please note that the information herein is of a general nature only and is not intended as specific advice for any particular person or entity.
This information was written and compiled by James Cagney. The opinions expressed herein do not necessarily represent the views and opinions of his associates including
Thank you to the resources of Terry Ryder, Property Observer, The ABS, BIS Shrapnel, Michael Matusik, Property Monitors, Colliers, On the House, Corelogic, RP Data, Residex, SQM, Herron Todd White, NAB Residential Property Survey, Australian Bureau of Statistics, Peter Wargent, Port Phillip Publishing, Economy & Markets, Harry S. Dent and the many others for the material discussed above.
Author: James Cagney