We are officially at the half-way point for this month’s Stock Challenge…
420 of the 596 Stock Challengers in January’s contest are in positive territory. Judging from the Top 10 standings so far, cryptocurrency companies appear to be this contest’s kingmakers. This is hardly surprising, given that the price of Bitcoin has soared nearly 30% in January alone!
But while many contestants are flying high right now thanks to crypto, their fortunes could be about to change…
“It [Bitcoin’s increase in value in January] was a parabolic move,” said Matt Maley, chief market strategist at Miller Tabak + Co. “What happens with all parabolic moves? You see severe corrections.” “While Maley sees Bitcoin moving much higher over the long term, it will still experience severe corrections along the way, he said.“It will still have big declines of anywhere from 30-60%,” he said. “And it’s going to happen more than once.”
Check out the current rankings.
The Stock Challenge Index (SCI) has maintained an upward trajectory for much of this month, currently sitting at an impressive 11.7%. The SCI tracks the average return of every contestant in the challenge for any given month.
Last but not least, don’t forget to sign up for February’s Stock Challenge when you have a moment. While there’s still plenty of time, we’d hate to see you miss out on a chance at winning silver bullion and Pinnacle Digest apparel!
CLICK HERE TO ENTER YOUR STOCK PICKS FOR FEBRUARY’S CHALLENGE
