Bitcoin continues to explode higher, topping $46,000

Bitcoin continues to explode higher, topping $46,000

Next stop $55,000?

Next stop $55,000?

Bitcoin is in overdrive today after Elon Musk put $1.5B in Tesla money into it. That’s after he wrote in December that: “Bitcoin is almost as bs as fiat money.”

Evidently he had a change of heart. He’s also been inexplicably (and irresponsibly) pumping Dogecoin, which has gone on its own run.

In any case, the mania is back on.

I think the simple technical analysis is the way to go on the breakout in a parabolic move. The measured target of the $30,000-$42,000 range is $55,000.

It might not take long as Novogratz and all the usual permabulls tossing out ever-higher targets. Anyone heard from John McAfee lately?

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