In my previous post on Bitcoin written on 20th December I wrote, “Everyone talks about Bitcoin these days. I was just looking at the chart of Bitcoin and it looks like a perfect parabola. Generally, a perfect parabola is formed at the peak or bottom of the bull/bear market. This is not the first time Bitcoin is witnessing such parabolic rise. It had happened in 2014 -2015 when bitcoin moved up from sub 100 levels to 1127 and then fell to 200. Although I do not have any fundamental view on Bitcoin, from my understanding of asset prices, it seems that Bitcoin is going to get interesting in coming days and it may not be pretty for many investors.”
Since then the price of Bitcoin crashed by more than 50% and is currently trading at 7360, Minor support for bitcoin exist at 6800 levels but I feel that it will just give some small respite to the speculator. Bitcoins should fall below 4000 in coming days.
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