NYXBT – NYSE Bitcoin Index (Last:3807)

Bitcoin has fallen more than $1000 since triggering ‘Matt’s Curse’ a week ago. This is a technical event marked by a rally that stalls precisely at the ‘secondary’ Hidden Pivot — in this case 4780.  At the time, I predicted bitcoin would fall to at least 3879, but it has somewhat exceeded this benchmark, plummeting this morning to 3769.  If that is the way “money” is supposed to act, then perhaps we should all be grateful for the opportunity to become speculators with every purchase or sale we make.  There’s no way the lunatics who drive this monster are finished, but we’ll need to see where it bottoms before we can project a precise target in the $6000s for the next big move.