Bitcoin Price Posts Biggest Weekly Candle, Earns Tulip Mania Comparison
Bitcoin has earned a comparison with Tulip Mania as its rise sees mainstream media struggle to come up with new metaphors.
Bitcoin has posted its best-ever weekly candle as mainstream news media rush to counter a return to almost $3,000.
After reaching highs late Thursday of over $2,900, a slight correction saw Bitcoin price stabilize around $2,740 - still $400 higher than a day before.
Cross-exchange data from Coinmarketcap shows the majority of altcoins now following the upward trend, Ethereum having initially been slow to react.
Litecoin, which was tipped by bagholders to “pump” considerably in line with Bitcoin, managed an overall 12 percent increase in the 24 hours to press time.
Wave Theorist’s perspective
In the meantime, Bitcoin’s sudden growth has seen it remain a problematic topic for mainstream news coverage.
In a reaction article yesterday, CNBC quoted the Elliott Wave Theorist’s perspective of the virtual currency’s performance, which it says “dwarfed even the Tulip Mania of nearly 400 years ago.”
"A bearish trifecta — the Elliott wave pattern, optimistic psychology and even fundamentals in the form of Blockchain bottlenecks — will lead to the collapse of today's crypto-mania," Elliott Prechter for the publication July 13.
Prechter had forecast a Bitcoin surge years ago when it was selling for around six cents per coin.