We’ve almost made it to the end of the craziest year I’ve ever seen. So to wrap up the week, I’m going to give my thoughts on IPOs, the stock market and, as a treat, my 2021 Bitcoin forecast.
I can define this year with one word: volatility. Month-by-month, week-by-week, even day-by-day volatility has been an insane stock market.
In the second half of this week we saw two insane initial public offerings in DoorDash Inc. (NYSE: DASH) and AirBnB Inc. (Nasdaq: ABNB). The careful planning of its IPO release date proved successful for DoorDash, which saw its shares jump 86% on opening day.
At the height of a bullish market and emotionality surrounding yet another COVID-19 lockdown, DoorDash cashed out — seeing triple-digit returns.
IPOs like that tend to get the everyday trader chasing stocks.
DoorDash has dominated the news enough this week, so I want to go over other things like my 2021 Bitcoin forecast in this weekly round-up.
Nervous About the 2021 Bitcoin Forecast?
This is a nervous market right now, and for good reason. No one knows what 2021 entails or how this pandemic will play out.
I’ve said over and over how similar today’s stock market looks to the late 1990s and early 2000s.
There was what seemed like an unstoppable bullish market, and then the crash.
One of the big things people are nervous about is how Bitcoin USD (BTC-USD) will look in 2021. WealthPress Head Trader Roger Scott and I have talked a lot about gold and currency stocks recently. Many people have asked whether Bitcoin should be included in that discussion.
I will preface my detailed response by saying that while Bitcoin is technically a form of currency, I consider it more of a tech stock…
Check out this video for my thoughts on the week, my 2021 Bitcoin forecast and what I expect as we finish out the year.
Email me at jeff@joyofthetrade.com with your questions that I can feature in my next Mailbag.
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