Bitcoin breaks $13,000 as the frenzy continues

Technical Analysis

Author: Adam Button | bitcoin

Where does it stop?

Bitcoin is up another 11% today and has topped $13,000 for the first time.

The frenzy is a full-scale mania at the moment.

So long as prices continue to rise, Bitcoin will continue to attract buyers. The story has divorced itself from anything other than a momentum play but it's a truly incredible one.

It's quickly because the great bubble/frenzy story of our time and one that will be studied for generations -- for better or worse.

I'll be on the Canadian National news today to talk about Bitcoin. That's got to be a sign of a top, right?

What I find interesting is that nobody is talking about Bitcoin as a currency anymore. There is an increasingly widespread acceptance that its architecture is flawed as a transaction system. It was something I was saying months ago when I (once again) predicted it would $10,000.

Instead, Bitcoin is now touted as some kind of crypto-gold. But when the people touting it change the story, you know the story has gotten out of hand.