International Business Machines (IBM) Stock Forecasts

Summary

While the stock market has seen an explosive advance since its April 8 closing low, Bitcoin pretty much fell off the rally train on May 22. Like stocks, the crypto currency bottomed on April 8 at a closing low of $76,312 and then spiked to an all-time closing high (ATH) of $111,721 in May before running out of gas. During that period, Bitcoin advanced 46% in about nine weeks, while the higher-beta Nasdaq 100 rallied 23.5% during that period. Some note that Bitcoin has lagged the stock market since May, but that has to be put into perspective. The crypto currency traced out an ABC pullback, bottoming at a closing low near $101,000 on June 22. Since then, Bitcoin has rallied back toward it May 22 ATH. So from April 8, Bitcoin has surged 46% while the QQQ has spiked 34%. And that occurred even as Bitcoin took about six weeks off. On Wednesday, Bitcoin broke out of its six-week bull flag and seems ready to take another run into ATH territory. Based on the size of the recent trading range (about $13,700), the currency could see an initial measured move to the $121,600-$125,000 region. Based on past rallies, that's not a lot of juice. Still, if we examine the weekly chart, Bitcoin