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Remember crypto? Yeah, we all do. Anyway, take a look at the persistent #2 in that sector, Ethereum. It is worth one-quarter what it was a couple of years back (Raoul Pal’s preposterous predictions notwithstanding) and, importantly, has failed its right triangle pattern. This, to me, is just another tidbit in the growing body of evidence that assets are universally heading south, since the fever has broken.
I first learned of Lyn Alden last year, and my first impression of her – – in my typical puerfile, immature, superficial way – – was my amazement at the sound of her voice. She makes the whole “Elizabeth Holmes voice” thing seem utterly trivial. You can get a quick sense of this by listening to just a couple of minutes of this interview with her and another woman.
I offer for your considered the layered chart below, which shows Bitcoin layered with the NASDAQ 100 index. These tend to more together, broadly speaking, as the “animal spirits” of risk align. The tech stocks are, historically speaking, very overvalued compared to Bitcoin. How does this spread resolve, do you think?
It seems to me that Bitcoin is at risk of another major price collapse if that horizontal fails.
Only two days along, the oddly permabullish Goldman Sachs mouthpiece known as Zerohedge excitedly reported on a victory for their favorite asset, Bitcoin:
