When people make price predictions in any financial market, they have an interest in pushing logic to the limit. Remember back in January, for example, when crude oil had fallen through $55 and was the news of the day? Two opposing camps emerged. On the one hand you had the likes of T. Boone Pickens predicting a return to $100/barrel before the end of the year, and on the other some analysts (I remember one in particular from Citibank) predicting $15/barrel in the same time frame. Of course, neither has been right so far, nor do they look likely to be. The simple fact is that saying that oil or anything else will probably trade a little lower or a little higher in the near future may be accurate but it is not sexy; it doesn’t get page views or get you on T.V. Predicting vicious but unlikely moves, however, do.
That thought came to mind this week when I read this Zero Hedge article by author Tyler Durden. Zero Hedge, by their nature like to be controversial, so the prediction that we should “…sit back and watch as we witness the second coming of the bitcoin bubble, one which