For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. – John Maynard Keynes
Despite the heavy beating Bitcoin has taken, the sentiment has not turned bearish, and Bitcoin experts are still enthusiastically issuing wild targets of $100K and beyond.
Do these experts ever bother to look at the charts before issuing such targets or do they do so after ingesting some toxic substance? We will never know the answer to that question, but what we do know is that in most cases they have no idea of how high or low the market is going to go. They issue lofty targets that have a very low probability of being hit because if the market trades to these levels, they become instant heroes if they miss they can push some convoluted theory, for example, market manipulation to justify the bad call. The fact that Bitcoin is trading over 50% below its highs does not seem to faze these experts; they are quite resilient and continue to push for targets that border on the fantastic.
We published two articles on bitcoin since Dec of 2017, one on the 4th of December, and in that article, we made the following claim:
Bitcoin, on the other hand, is now in the feeding frenzy stage, so this market is ripe for a correction
The second article on the 24th of January, and in that article, we issued price targets:
The bloodletting will continue until the trend of lower highs that started after Dec 14, 2017, comes to an end.On the conservative side, we think Bitcoin could drop down to the 8,800-9,200 ranges, but this market is far from your typical market, and there is a good chance that Bitcoin could drop down to the $5000-$5600 ranges before the dust settles.
On the 4th of February, Bitcoin prices dropped down to $6, 627, that’s within striking distance of the low-end targets ($5000-$5600) we issued. So is the correction over and is this market ready to trend higher.
