In my life, some of the most know-absolutely-nothing-about-finance people have been chattering on about blockchain and bitcoin, and although the hucksters want you to believe that you’re in super-early on something that’s going to be world-changing, I still contend we might have already passed the Euphoria phase. (I discussed this at length in my Which Is It? post). Looking at big boy Bitcoin recently, we seem to be following the “return to normal” playbook.
To my mind, there’s a strong chance ten years from now we’ll look back and agree that some new such-and-such technology in our lives is indispensable, and the groundwork was laid during our present time thanks to these new creations. However, there’s going to be plenty of scorched earth along the way. In the weeks ahead, I’d say the key tests are levels such as this:
Those should be extremely strong levels of support. If they fail, I suspect the whole crypto field could be in for a stronger fall. But, as so many times before, even a brutal bear market probably won’t be enough to break crypto in the long-run. It seems astonishingly resilient.