Markets have a way of turning short-term relief into long-term optimism. Investors see an asset bounce off its lows and quickly start talking about new highs. Bitcoin's (BTCUSD) recent recovery is following that script. After briefly falling below $60,000 amid the Iran war and renewed concerns over Federal Reserve policy, the cryptocurrency has clawed its way back above the $62,000 mark. Bulls are once again forecasting six-figure prices.
The problem is that a recovery is not the same thing as a successful investment. When investors zoom out beyond the latest bounce, Bitcoin's record over the last five years looks far less impressive than many advocates would like to admit.
