Why a Bitcoin Bear Is About to Turn Bullish

Rick Ackerman Rick’s Picks

In my forecasts over the last year, I’ve treated bitcoin with skepticism and disdain, to put it mildly. (Check out the $BRTI tout at the bottom of the Rick’s Picks home page to see how I’ve scorned not just cryptocurrencies, but those who have loudly hyped them for personal gain.) My strong doubts will have spared subscribers who have been habitually bullish on block-chain currencies a world of pain. However, recent developments are threatening to turn me bullish despite my deep distrust of ‘money’ that any Tom, Dick or Harry could start ginning up tomorrow. Be that as it may, bitcoin has taken a steep dive this week after falling off a ledge thousands of dollars above the very bearish target subscribers have held in mind since January. If it hits that target, which lies at 4396 (basis the CME’s real-time bitcoin index, symbol $BRTI), even I would be a buyer. And although I don’t expect a trampoline bounce from my number, I am confident it will offer a relatively safe and precise spot for bulls to starting accumulating a stake.