Bitcoin's sharp run higher is likely to snap back hard, so chasing it now is the wrong move — patience is the better play for buyers.

• Big Bitcoin rallies almost always retrace, and the retracements tend to be violent.
• Chasing the move with borrowed money — loans, credit cards — is a fast way to get wrecked.
• Past snapback patterns have been fairly consistent, so the pullback is predictable in shape if not in timing.
• A sharp drop is seen as an opportunity to buy rather than something to fear.

Outlook: A violent pullback is expected within the next week or two, possibly by early September.