“Expert opinion” bitcoin is in the biggest bubble

Source: according to former Merrill Lynch economist at chinagold.com, bitcoin is in its biggest bubble to date, which could lead to a bear market similar to that in 2018. David Rosenberg, founder and chief economist of Rosenberg research, has doubled his understanding of his narrative that bitcoin, like the stock market, is in a huge bubble. He warned that another bear market could emerge, similar to what happened after the last bitcoin bull market in 2017. In a recent CNBC interview, Merrill Lynch’s former North American chief economist said he avoided bitcoin, especially after setting a new record of more than $30000 in its impressive run. He claimed that this parabola price rise in a relatively short period of time was “highly abnormal”. He went further, saying it was BTC’s “biggest market bubble.”. As a result, he reiterated his position from mid December that bitcoin was “an extremely crowded transaction.”. Rosenberg also questioned the largest ever supply of 21 million coins, saying the agreement could be changed to generate more tokens when assets reached that limit. Although Rosenberg pointed out that the government was not responsible for causing any bubble to burst, Rosenberg predicted that the central bank’s digital currency would eventually take over market share of cryptocurrency. Economists further explained that BTC’s performance in the last bull market cycle in 2017 was somewhat similar. But once the bubble bursts, cryptocurrencies will enter a one-year bear market in 2018.

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