Fwiw, the Bitcoin (GBTC) chart has that 'blast off' look to it right now.
It's already rebounded considerably off the lows, but the chart says 15 could be the next target (currently 10.70).
As Jim Rickards has pointed out, crypto and the underlying DLT/distributed ledger technology has a big future, but Bitcoin and most of the other cryptos don't.
However, Bitcoin is being used as a trading vehicle for speculation, and big players on Wall St have joined in. I remember when the peak came in 2017 -- right after it became possible to short Bitcoin, and then down she went. Now they're running it up again.
Big names like Fidelity are getting involved (see previous post). Despite the hype and craziness surrounding cryptos, the Bitcoin/GBTC chart has actually been relatively orderly. GBTC began trading in 2015, and while the percentage moves of Bitcoin are big, there are well defined support/resistance levels, periodic pullbacks, and consolidations. A surprisingly orderly chart.
Right now it looks ready to blast higher.
