As bitcoin approaches $10,000, it needs to do it quickly, since it took seven days to move from $8K to $9K.
As I wrote Monday, the cryptocurrency is exploding to the upside with a 30% move in two weeks that ended Sunday night.
The chart below shows the speed bitcoin has exploded through the $1,000 milestones. Here are the historical price jumps:
As bitcoin is trading at $9,920 Tuesday morning, chances are it may take two days to jump $1,000.
So with this explosion to the upside, some traditional trading pros are out again calling it a mania with the usual comparisons to tulips. I swear, if you google bitcoin and tulips, you get 150,000 results.
These pros including Josh Brown — who I know — and is chief executive of Ritholtz Wealth Management and author of the Reformed Broker blog, declared that bitcoin is “now officially an investor mania.”
Brown continued “Like all manias, when it turns people are going to be wiped out,” he wrote, in a Monday post.
Billionaire investor Ken Griffin said Monday in a CNBC interview that bitcoin has “elements of the tulip bulb mania” of the 17th century.
“So is it a fraud? No. But these bubbles tend to end in tears,” he said. “And I worry about how this bubble might end,” said the founder of hedge fund Citadel.