, September 25, 2021

Bitcoin bursts, or does it?


  •   5 min reads
Bitcoin bursts, or does it?

Bitcoin has once again crashed, but it is staging a partial recovery. Is this the crash Bitcoin critics have been waiting for? After all, the cryptocurrency ticks every box that points to a bubble.

Crash! When an asset loses a third of its value in a couple of days, then it has been subjected to a bona fide crash.  The Bitcoin price fell from $49,000 on May 16th to around $32,000 at one point on May 19th. That was a 34 per cent fall. It crashed, there is simply no other reasonable way to put it.

Yet, it was only at that $32,000 price for an hour or so, maybe even less. Within four hours of reaching that low point, it was back up to close to $41,000.  Even so, that still represented a 20 per cent fall; still a crash.

If the Bitcoin rout is anything like 1929, its price will be back to $60,000 in 2045

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