The bubble talk just makes it a bigger bubble. It reaches $18K and on the 18th people can short the cryptocurrency on the CME.
The big number of 10,000 was breached last week and on the same day, the coin already topped 11K dollars only to crash back down by some $300. Yet after a few days of consolidation, it broke above $12000 and then it became unstoppable. The current price of $18,300 is a rise of 30% on the day and over 50% in two days.
The goal of $20,000 does not seem that far and some pundits on CNBC have mentioned bitcoin reaching one million dollars in 2020. The funny money numbers probably don’t distinguish between the truly great blockchain technology and one of its applications called bitcoin.
More: On the Bitcoin Block: 7 Myths about trading cryptocurrencies
Update: the cryptocurrency continued higher and reached a peak of 19,697 USD before crashing back to around 18,000. Here is the one-minute chart showing the madness:
We cannot see a parallel move on the second crypto-currency: Ethereum. The more-sophisticated coin, which also stores contract data, is trading around $400.
This is an ominous sign that tells us that bitcoin is going its own way. A rising price attracts more attention and more buyer. Some may continue gaining but others are just not the smart money.
Here is the one-hour chart, before the move above $19K.