can be priced. According to metcalfes law, we are actually not very overpriced. The value of a network is derived from the number of users and how often
it is used. Bitcoin has a current metcalfe price of around 6000$. So not too bubbly.
What bitcoin likes to do, is be borin 90% of the time, and then experience insane growth spurts for a short amount of time. We are experiencing now one
of these growth spurts on the long way to mass adoption.
The way there is described by a log-S curve. You can for example see the log-S beautifully with the number of internet users from 1995 to now. Or with the
number of smartphones. All log-S curves.
BTC is a network, a technology. And that's what many chartists don't get, and then they are astounded by these prices and talk about a bubble.
Yes, there will be a sharp correction after this growth spurt. For example from 20K to 8K. But then afterwards the next cycle starts. And so on and so forth until
around the year 2025-2030 btc has become mainstream and a price has been reached that will not rise much more afterwards. Yes, it will fluctuate, but the
will be so much lower than nowadays. A 1% gain in that era will be a major rally, lol !
Looking at the chart, we see that now we are entering the overbought area in the weekly . This is when the last phase starts, with insane price growth,
over-exponential price growth. This "acceleration point" can be beatifully seen in the prvevious growth phases of 2013. After that point, we start seeing very
big weekly candles. We now had the first larger weekly candle, and therefore I think that the last phase is starting now, which might last a few weeks: 2-5 weeks.
Fun times ahead. Enjoy the coming weeks and see you on the moon :)