Topic: 'Bitcoin has gone parabolic,' and that usually doesn't end well, Art Cashin warn - page 2. (Read 948 times)
November 28, 2017, 03:13:26 AM
I followed Baron Rothschilds advice and bought when there was blood in the streets during the GFC. It took my portfolio 8 years to rebound. I dont think it was the best call.
November 28, 2017, 02:04:40 AM
The quote from Baron Rotschild is about another situation in a market.When there is "blood on the streets" all the asset prices go down and all the assets became undervalued,so it`s the best time to buy.The situation around the bitcoin market is completely different and it looks more like a bubble.The real question is:"Is bitcoin undervalued or it is overvalued?"I`m sure that a price correction will appear somewhere around 15th December,but everything will be OK,and btc will hit 10K after Christmass.
November 28, 2017, 12:13:12 AM
In any case, if bitcoin was not going up this fast, I would be more comfortable to hold more.
I share your concern. The upward movement is accelerating.
Bitcoin has reached "parabolic" levels, and the cryptocurrency has some at the Federal Reserve worried, closely followed trader Art Cashin told CNBC on Monday.
Zooming out to look at the last year or two, the chart is indeed looking parabolic in nature. But I still don't feel like we've quite reach an actual blow-off stage in the current cycle yet. We've had some times of crazy upward movement, but there hasn't been anything insane yet, like shooting up $2000 in a single day. Maybe that won't happen before we have another significant downturn. But, for example, if you look back to the runup at the end of 2013, it went from about $200 to ~$1100 in less than 4 weeks. In percentage terms, we haven't seen anything like that yet.
November 27, 2017, 11:57:34 PM
Art needs to look at a log graph of BTC...
November 27, 2017, 11:27:29 PM
Yeah, it does not work well generally, but this is Bitcoin, a digital currency limited to 16 million of them out of which a few million are probably lost.
All of these 'veteran traders' will be eating their own in a couple years when they see Bitcoin over and above their smooth predictions. oh wait, they probably are already eating it right now if they did not get a chance to get into the game while they had a chance.
All of these 'veteran traders' will be eating their own in a couple years when they see Bitcoin over and above their smooth predictions. oh wait, they probably are already eating it right now if they did not get a chance to get into the game while they had a chance.
November 27, 2017, 08:45:41 PM
I remember the saying Buy when there is blood in the streets, even if it is your own blood. But I reckon the opposite might be also true. Could this be the best time for us to sell?
In any case, if bitcoin was not going up this fast, I would be more comfortable to hold more.
Bitcoin has gone “parabolic,” says trader Veteran trader Art Cashin says bitcoin has gone “parabolic"
4 Hours Ago | 00:49
Bitcoin has reached "parabolic" levels, and the cryptocurrency has some at the Federal Reserve worried, closely followed trader Art Cashin told CNBC on Monday.
The cryptocurrency surged to a record $9,732.76 on Monday, according to coin industry site CoinDesk, breaking a mark set during Thanksgiving weekend. It later retreated to around $9,655 at midmorning.
"Bitcoin has gone parabolic, so that usually doesn't end well," said Cashin, UBS director of floor operations at the New York Stock Exchange.
"I think we're in the fear-of-missing-out phase now," Cashin said in an interview on "Squawk on the Street." "I think initially there was some concern. I am told — and take this with a huge grain of salt — that the movement is even beginning to worry some people in the Federal Reserve."
Read the full article https://www.cnbc.com/2017/11/27/bitcoin-is-parabolic-and-that-usually-doesnt-end-well-art-cashin.html
In any case, if bitcoin was not going up this fast, I would be more comfortable to hold more.
Bitcoin has gone “parabolic,” says trader Veteran trader Art Cashin says bitcoin has gone “parabolic"
4 Hours Ago | 00:49
Bitcoin has reached "parabolic" levels, and the cryptocurrency has some at the Federal Reserve worried, closely followed trader Art Cashin told CNBC on Monday.
The cryptocurrency surged to a record $9,732.76 on Monday, according to coin industry site CoinDesk, breaking a mark set during Thanksgiving weekend. It later retreated to around $9,655 at midmorning.
"Bitcoin has gone parabolic, so that usually doesn't end well," said Cashin, UBS director of floor operations at the New York Stock Exchange.
"I think we're in the fear-of-missing-out phase now," Cashin said in an interview on "Squawk on the Street." "I think initially there was some concern. I am told — and take this with a huge grain of salt — that the movement is even beginning to worry some people in the Federal Reserve."
Read the full article https://www.cnbc.com/2017/11/27/bitcoin-is-parabolic-and-that-usually-doesnt-end-well-art-cashin.html
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