Do You Really Need to Ask If It’s a Speculative Bubble?

The markets are acting sluggish Tuesday night — a little creepy, considering the enormous tensions traders and investors must be feeling in these way-too-interesting times. Bitcoin is the exception, with rabid price gyrations that have spooked respectable commentators into a state of mild shock.  Yes, cryptocurrencies are in a speculative bubble. But merely because their value has increased fortyfold in a relatively short period of time is no justification for assuming the mania cannot continue for another six months or longer. Rick’s Picks has been using a 10356 target for Bitcoin recently, but if this crystal-clear Hidden Pivot resistance gets blown away tonight or tomorrow, I’d infer that $20,000 is coming, and sooner than you might imagine. Incidentally, if you’re a bitcoin fan who wants very precise targets rather than sensation-mongering, fear and loathing, you’ve come to the right place.