I warned you a Bitcoin crash could be coming 2 weeks ago and we got it! Here’s What I wrote on August 18:
And you know what, MEME stocks cracked, Bitcoin cracked, and the market cracked!
On Thursday at 2pm, Jake McCarthy our crypto expert will be discussing NFT’s. With the pullback in Bitcoin, this might present some opportunities in the Crypto space. Don’t miss Jake in the 360 Wallstreet Chat room this Thursday 2pm, live and at 0 cost!
Here is what I wrote on August 18:
The market is getting really frothy right now and I don’t think this mania can last much longer. Coming into today, we’re seeing some signs of weakness after the Fed’s minutes release. MEME stocks have been going crazy again, you can read more about that here, but it looks like the top could be in. Once the money comes out of these speculative dog meat companies the unwind could be massive.
And sure enough that is exactly what happened. Ryan Cohen got out of his BBBY position, and all the speculative MEME names tumbled one by one, including Bitcoin.
You see, when excesses occur in dog meat stocks, and the market has had a huge run, that’s usually a sign that a top is near. Market euphoria is unsustainable, although it can run much longer than you think, and once the rug gets pulled, that’s a sign a short-term top is in, and the market is likely to pull back and take a breather. And when the market pulls in, the speculative names crash! There’s nothing much more speculative than Bitcoin, except maybe a trash AMC or BBBY.
I’ve seen this pattern play out over and over again the last few years. I wasn’t just guessing, the market was telling me that a pullback was near, and Bitcoin was one of the best ways to play it!
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