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A clear pattern has emerged in the bitcoin chart, and it's not pretty.

Bitcoin Futures

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Does anyone remember the hype regarding the launch of bitcoin futures?

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The true believers thought that bitcoin futures would let the big boy hedge funds and pension plans in, and that would take Bitcoin to the moon.

Instead, the launch of Bitcoin futures marked the top of the market.

Meanwhile, if the current trendline continues, and fundamentally speaking there is no reason to believe it won't, the next bounces will be in the $5,800 area followed by the $3,200 area, then the $1,900 level.

On the cash chart $19,345 was the top. A decline to $1,900 would be about 90%.

Should it play out that way, the true believers will not label this a bubble, but will instead insist that $100,000 is still in the cards.

Mike "Mish" Shedlock