*SCALPSWINGSTRADDLE*

[beachcomber1]

Bitcoin: The Big Short Moment Approaches

Bitcoin has made many skeptics, myself included, look silly this year.

Price action alone doesn't make something more valuable in the long term.

Signs of 2006-level frenzy are now clearly evident in cryptocurrencies.

If you're long, consider taking profits. A massive correction is likely coming.

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I last wrote about Bitcoin in July, saying it was The End Of The Beginning. Already, sentiment seemed frothy, and interest was high. That article is my most viewed out of all my almost 600 pieces here at Seeking Alpha dating back to 2008. And yet...

Bitcoin proceeded higher anyways, making those of us skeptical look like fools. In the short term anyways. That said, unlike some folks, I'm not changing my tune just because the price has gone up. Whether that makes me smart or stubborn, we'll see.

In any case, where do we stand today, as far as Bitcoin goes in comparison with other major asset booms in the past? According to this chart from Convoy Investments, this is already the biggest move in an asset class in 395 years, trailing only Dutch Tulips back in the 1600s. Not too shabby, as far as bull markets go. The 1990s dot.com boom is barely a blip by comparison.

https://seekingalpha.com/article/4127443-bitcoin-big-short-moment-approaches