If you blinked you probably missed it.
Actually, even if you didn't blink and you were logged in to Coinbase and staring at your dashboad you probably missed it as well...
As Coinbase conveniently (or very inconveniently if you have money on there) went down for several long minutes while Bitcoin was mulling around those lofty digits.
However, when the chart came back up, at least you can see where it had been:
It's not really showing up here but I saw it over $19k per coin before Coinbase decided to give me the blue screen of death.
What is going on?
Good ol fashion fear of missing out.
Better known as FOMO in trading circles.
Tons of demand coming in all at once and not much supply.
Hundreds of thousand of new accounts created on Coinbase every day and new exchanges coming online in South Korea likely some of the main drivers.
Plus I have some suspicions that there is major manipulation going on between some exchanges and large holders intent on manipulating prices sky ward, but I have no way of proving this.
How high will it go?
Who the heck knows!
I originally thought it might stop around $10k and have a significant dip there. It didn't.
Then I thought ok maybe around $12k. It didn't.
Now I really have no idea.
The next psychological level would be $20k, which it got pretty close to on Coinbase, but no where near that level on most other popular exchanges.
All I can say for sure is that this is irrational exuberance folks. Almost every technical indicator is screaming overbought.
What's more, this type of price action is looking like a "sell the news" type of event when Futures go live on Sunday evening.
I would not be surprised if we see a short term top in prices sometime between now and Sunday evening.
However, if no governments do anything "stupid" I think price will ultimately still go higher than even what we are seeing here in the medium term.
Good luck and don't be afraid to take some profits.
Also make sure you never base any buy or sell decisions solely what you read here as these are just my personal opinions and like you, I have no crystal ball. :)
Stay informed my friends.
Image Sources:
https://integrityplanner.wordpress.com/2012/04/03/more-prediction-follies/
