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1  Economy / Speculation / Euphoria not reached? on: September 13, 2017, 06:16:01 PM
In this coindesk article (https://www.coindesk.com/correction-not-crash-bitcoin-price-eyes-3000-traders-take-profits/), the author writes:

Quote
Euphoria not reached

As we analyze the current markets, it’s important to remember bull markets are built  on fear and skepticism, while major market tops are the product of extreme euphoria.

Most investment banks have been and still call bitcoin a “scam.” Every week, we see some stock market expert drawing parallels between the bitcoin rally and stock market bubbles seen over the last 100 years. Thus, despite the 416% year-to-date gains in bitcoin, it is safe to say that there are no signs of Euphoria.

In fact, the first sign of bitcoin nearing a major top would be investment banks boarding the cryptocurrency freight train.

More likely then is that what we’re seeing now is a technical pull back. Following a stupendous rally, investors are looking for reasons to take profit.

I was surprised by this.  I've seen an awful lot of optimism on the boards lately.  I agree that investment banks jumping on the train with huge purchases would be a sign of nearing a major market top, but that would be the ultimate, long-term market top.  If/when that happens, bitcoin will reach a saturation point, and factor-of-10 price increases will be a thing of the past.  But I think that's much further out than what happens to the recent bull run to $5000.

Do you think the market has become euphoric on the way to $5000, such that this may indicate a short/medium-term top, or do you think this really is just a pullback from which we'll recover over the next couple/few weeks?



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