This bitcoin graph has become so accurate again at the moment, it's scary

There are max 21 million bitcoins.<p>There are 7 billion people.<p>So there is 0.003 bitcoin per person.<p>So if bitcoin will one day become &quot;THE&quot; currency, isn&#x27;t it more than logical that 1BTC will become worth more than a million dollars or something like that (not that dollars would still exist at that time, but, 1BTC would be worth as much as an average group of 333 people owns)?<p>Or am I misunderstanding something about currency?

It says: &quot;It will end - rapidly - in an epic sell-off as people realise that there are no more greater fools above them&quot;<p>I was impressed with his prediction of the first top and drop. But if this will play out like the chart says it will. Well... impressive.<p>What do you think?

I wouldn&#x27;t call this &quot;scary.&quot; It&#x27;s not tough to apply basic technical analysis to charts. It may or may not go down, but TA isn&#x27;t set in stone and only works in the long run in retrospect.<p>See, e.g., the double top: <a href="http://www.forexhit.com/learn-forex/price-patterns.html" rel="nofollow">http:&#x2F;&#x2F;www.forexhit.com&#x2F;learn-forex&#x2F;price-patterns.html</a>

&gt; We have experienced all the bullish news that there is and, for now, will be.<p>I think he is being rather short sighted here. Especially with news coming out that the Swiss parliament is investigating its potential to act as a legal currency.

Leaving aside the bitcoin angle, this is actually a pretty good primer explanation of the market mechanics and psychology behind technical analysis.

The accuracy of predicted levels is amazing...