I had high hopes for them, I really did, but then they go back to their unbelieving ways
Re-reading my title there I am starting to sound like a zealot, and that is probably because to some I am one.
By the way the group that I am talking about going back to their unbelieving ways, I am talking about JPMorgan and their affinity for bitcoin.
Or should I say on again off again affinity for bitcoin.
One day they are calling for pie in the sky numbers, the next they are calling for a technical breakdown.
So, which is it?
(Clearly the calls they have made are on different time-lines, but just go with me on my rant for a little bit here)
Their latest call comes from a strategist at the firm calling for a breakdown on the bitcoin charts if we don't quickly reclaim $40k:
Sounds funny seeing articles like that a few days after seeing one from another strategist calling for $164k or was it $146k? I have dyslexia sometimes and can't remember the exact order of the numbers, just the numbers themselves.
Anyways, this guys call is for bitcoin to break the wedge to the downside and then lose the 50 period MA, which is down around $28k or so.
It's certainly possible but for that to happen it probably would take bitcoin months to recover from a breakdown like that.
Based on past bitcoin bull markets, these consolidations don't last for months, they last for weeks.
That means that if bitcoin does dip like they are calling for, it's snapping right back, or it's not dipping at all.
I tend to think it will be the latter.
Bitcoin dipped already, hope you bought, I did, now it's time to go back up.
I think we break the all time highs within a matter of a couple weeks.
Stick that in your pipe and smoke it JPMorgan, and you didn't even have to pay me $300k per year to get that financial advice!