Anyway, the pattern on the Bitcoin charts has all the hallmarks of a final terminal blowoff that will be followed by a catastrophic wipeout and probably soon, and when that happens you don't want to be anywhere near it, either that or short. The inexperienced get rich quick merchants who have been flocking in droves to Bitcoin in recent weeks will be vaporized.
He's not entirely wrong from a technical standpoint. Anyone who trades the equity or commodity markets has experienced this kind of parabolic trend. The typical end to a parabolic rally is indeed a blow-off top -- a vertical rise and subsequent decline in price. In general, traders look for a 50% or greater price correction.
Like him, I suspect that BTC is headed for a blow-off. But while many analysts (who don't understand Bitcoin) will proclaim that the bubble has popped and BTC is headed to zero, I believe that it's just another dip to buy. Bitcoin defies conventional market wisdom, but in the end, there are
always dumps. And
eventually, once cryptocurrencies have reached the top of the adoption S-curve, it won't just be a perpetual uptrend anymore.