Cryptocurrencies are a scam and are dead. I’m sorry, I was wrong.
Juuuust kidding!
It has been a rough year for cryptocurrencies… exactly as we expected and told subscribers and said publicly since December of last year.
In fact, almost exactly one year ago to the day, I put out this video titled, “It’s Time to Rotate Crypto Gains Into Forgotten Gold Stocks” and followed up on December 15th with this video advising people to take profits on cryptos and buy gold.
The very next day, bitcoin (BITCOMP) hit it’s all-time high near $20,000 and has been sliding ever since.
It wasn’t “easy” to make this call. In fact, I was lambasted in the comments and called an idiot for suggesting to take profits on cryptos with bitcoin near $20,000 and invest in gold.
Like this comment for example.
Or this one.
And this.
We told subscribers all through last December, January and February to take profits.
In the June issue of TDV, Ed Bugos was very frank in his bearishness, saying:
“But regardless, I expect another 6 months or so of weakness in the crypto space, a lot of failures in the next year or so, and lots of hate and doubt to come. For those who think we’ve had FUD, you ain’t seen nothin’.
In terms of these things, I still think the future will get darker before the dawn.
The implication is bearish and argues for a price target of around $3500 – $4000 in the intermediate term, i.e., maybe a few months in bitcoin time”
So far, he has absolutely nailed it!
We’ve been covering bitcoin since it was $3 in 2011 and we said were going to enter into a bear market at about this time last year with a price target of $3,500-$4,000.
This is actually very elementary. This is how markets work. A massive, hockey stick chart gain from under $1,000 to $20,000 in one year is never sustainable. There will always be a massive pullback afterwards.
