Topic: Bitcoin will trade under $5,000, warns Dennis Gartman (Read 632 times)

The movement of bitcoin cost is always a sinusoid.
I call it-tits. Our tits are everything!
They are different, and vary depending on the situation, so the price of bitcoin.
And Dennis Gartman, does not have any influence on the price of bitcoin.

I think he's right. Bitcoin due to lack of scalability can at any moment drop to 5000 dollars. Now there are many promising altcoins and against their backdrop it will be very difficult to develop.

As much as Dennis Gartman might want to be right, unfortunately the situation currently suggests otherwise and there is noting that can be done about that. Dennis made his opinion but a lot of people who will rely on it to make decision regarding what they hold or what they about to hold is who I feel sorry for because now they will have to wait and wait to be sure they made the right decision which I not sure its going to happen anytime soon.

Yeah there will always be those that would want to bring btc downnfor whatever reasons they have. 5000 is less likely now than btc hitting 40-50k. They're probably just trying to make weak hands panic and sell their btcs

There are believers and non believers of bitcoin and clearly Dennis Gartman falls into the last category. Don't pay to much attention to this kind of news, do your own research!

There seems to be nothing that can convince Dennis Gartman to turn bullish on bitcoin.

Despite tanking this month, bitcoin has still soared over 1,400 percent this year. But Thursday on CNBC's "Futures Now," The Gartman Letter editor and publisher reiterated his skepticism on bitcoin's meteoric rise, a view he has held for the past few months.

"I'm very bearish on bitcoin, I think it's one of the silliest ideas I've heard in a long time," he said. "To be separated from the brilliance of the block chain, [makes even] tulips in [17th] century Holland look almost like a quiet, well-demeanored market," Gartman said, using a frequently invoked analogy of the boom in tulip prices that sent the Dutch into a frenzy nearly 400 years ago.

After reaching spectacular heights, tulip prices eventually tumbled sharply. The phenomenon has since become synonymous with bubble markets like 90s dotcom stocks, and housing prices prior to the 2008 financial crisis.

Gartman told CNBC that bitcoin will not only burn all those involved with it, but once it does there will be a rush into gold.

"When bitcoin falls, and it shall, it'll trade under $5,000," he said. "Whether it does it next week, next year, six months from now, it'll happen. And then I think we'll find at the margin money that had moved into bitcoin and away from gold will move away from bitcoin and into gold."

Bitcoin has tumbled 6 percent this week, the latest plunge due to South Korea's possible actions to crack down on the cryptocurrency.

Source - CNBC

5000$ will still be a 500% rise in one year.  

Dennis Gartman is a buffoon.

Remember his last famous prediction? "The stock market will crash when Trump gets elected".

People who listened to him once should learn their lesson.

Why are we predicting something that it is not possible and I doubt if this will happen again. I was thinking that this is an old speculation until I read the thread. I can bet that this is not going to happen and we expect even a serious push after year.