A little over a year ago (53 1/2 weeks) @peterma wrote this ;
Interesting how there has been talk of the big banks condsidering “Getting involved” and amazing that it got to $20,000 EACH !
If the zealots are to be believed, it costs around $6,000 to “make one” so price is now below the cost of production.
“Attributed value” has at it’s peak been several Trillion Dollars and as @Clint points out so eloquently in his recent charts, it seems now to be dead in the water. The whales don’t seem to have the resources (or the power / inclination ) to hold that $6,000 floor they have been supporting any longer.
Will “they” put in another floor at $5,000 ? $4,000 ? $500 ? or have they during the course of @Clint s Wedge distributed their holdings in true Wyckoffian style ?
I wonder whether “they” will bring out Legislation / Regulation to “prevent it happening again” in true “Regulator” style - After the horse has bolted ?
As I said though, it is amazing how the thing went through the roof AFTER it was obvious that it was entirely unsustainable. Just like the “dot-com bubble” and various “Housing bubbles” regularly do. Perhaps I can learn to jump aboard these various “madnesses” and make a real killing before baling out ? I don’t know - the thought is good, but will I have an Appetite for it when the next one pops up ? Why do I think I won’t ?
[I may be wrong of course ! - ]