Bitcoin will trade under $5,000, warns Dennis Gartman - page 2.

buwaytress

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Quote from: fireblond on December 31, 2017, 03:24:38 AM

I don't think it will go below 10 000 it might for a short period of time, but 5000$? that's too unreasonable. Also he mentioned next 6 months.. if Anything next 6 months it won't be any where near 5000$ feel free to quote me :3

Actually, I don't think it's unreasonable - and I'm the first to doubt it'll plumb such depths so soon, but if you allow his iteration of week, month and year(s), I don't think Bitcoin is safe from $5k levels once caught in the throes of a strong bear sentiment. One might argue it is at its most vulnerable fresh off the unlikely heights in 2017, and that the overdue correction will turn ugly because it was put off for so long.

Don't get me wrong, I'm still a huge believer in long-term prices, and I'm still wrapping my head around 10k when 10k was my own view for 2020. Not that I like quoting people but Charles Lee even feels we shouldn't be surprised if Litecoin falls to $20 from its high of $350, and if patterns are to be followed by all coins, that's Bitcoin easily back below $5k.

It's not bad news for me at all. I didn't sell at 19k, I wouldn't sell at 50k. I'm holding my modest amount for a long, long time, so any price from now til say 2020 at minimum is just noise.

BrewMaster

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There is trouble abrewing

they also have warned us that bitcoin can not go above $100 and they also actually predicted that it can not survive for more than a year from their prediction.
this has happened years ago and bitcoin is still around and going stronger every day.

and since these "warnings", or should i say people who warn us out of the goodness of their hearts, are only coming out at the times of correction and drop i wouldn't even give them the smallest attention ...

gentlemand

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Welt Am Draht

I see no reason why this guy's opinion is any more or less valid than anyone on here, but 5 grand is quite possible to return to and things would still be rosy overall. That's no comfort for those who bought in 4 times higher but many of us have been there.

eaLiTy

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Quote from: Fortify on December 31, 2017, 08:38:52 AM

It seems like bitcoin will drop a bit further and land between the $5-10k range for a while. With so many transactions taking place on the blockchain, it is becoming far too expensive to complete deals. The network slowed down and became more expensive due to popularity, which seems like quite a big weakness.

The transaction price are on the higher side for a very long side and still the price have gone higher ignoring these flaws and now all of a sudden everyone realizes that the transaction charges are higher,with higher price in bitcoin ,you have to shell out higher transaction charges and it is a know fact from the beginning and unless lightning network is activated everyone have to deal with these higher transaction charges.Anything can happen with the price and it wont be a big surprise if the price goes down below $5000 and then recovers from that value.

Fortify

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It seems like bitcoin will drop a bit further and land between the $5-10k range for a while. With so many transactions taking place on the blockchain, it is becoming far too expensive to complete deals. The network slowed down and became more expensive due to popularity, which seems like quite a big weakness.

Anti-Cen

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High fees = low BTC price

Quote from: RamesesLabs on December 31, 2017, 07:47:33 AM

Who care's what the price of BTC is if we start using it instead of cash

Porn got the internet moving and BTC was good for underground porn, buying weed and gambling but
not anymore due to fees and real users of the currency and not just speculators are being forced to
flee due to transaction costs.

Hey Cam-girl gizza flash
Sure love just send me $5.00 plus pay the $45 fees, come back in two hours and I will be ready for you.

Worse than this the development team who act like they cannot do anything about it have lost our
trust and have spent five times more effort in programming mining than making sure the network
will scale to meet our needs

Adapt or die, simple as that

Anti-Cen

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High fees = low BTC price

Quote from: harrypotter1229 on December 31, 2017, 07:40:51 AM

Risk has always existed. Indeed, there are some bubbles in the bitcoin now. But I think bitcoin is different from Holland tulips hundreds of years ago. Bitcoin is a new technology with huge community support. If it can better integrate with our daily life, its value can also grow.

but back in 1601 the new technology was discover to cross breed tulips as hybrid's and at the time
it had "huge community support" from farmers who thought they had all become stock brokers.

Plants can grow, CryptoKittles can bread and crazy high fees can kill so where is this new growth
going to come from and should you not be looking more towards IBM history or AOL as more modern
day examples

The elephant in the room is fees when it comes to BTC and if you look at the past months worth
of data then you will see an inverse coalition between the two.

RamesesLabs

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The Wall Street Bitcoin Exchange

Who care's what the price of BTC is if we start using it instead of cash, banks are in for a world of hurt. All these "experts" on CNBC are acting like the industrial workers in the 1990's when NAFTA started the free trade movement. They were all saying well they won't be able to ship it to the United States cheap enough to move plants, they don't have the skilled workers in Mexico to do my jog, they don't have the infrastructure in Mexico to get the product to the United States, etc. etc. 10 years later textile mills, furniture manufacturers, steel mills, and tons of other industries started moving into their state of the art facilities outside the United States. It was only a matter of time before AI came for white collar jobs, except I think people are going to get some enjoyment watching the bankers and stockbrokers go for broke, especially since they got bailouts in the 2009 recession and taxpayers got homeless shelters. Dennis Gartman is just spreading more FUD. Bitcoin does payments without a bank or government slowing down the flow of money. Banks had years to fix this and they chose to rob the general public at the cash register every chance they get. Even if you pay cash, your paying for the swipe fee and transaction fee banks charge to process credit cards. Dennis Gartman was probably paid by Jamie Dimon to try to deter some big investors from moving their cash out of banks and into Bitcoin.

Anti-Cen

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High fees = low BTC price

Quote from: 1Referee on December 31, 2017, 07:17:01 AM

Very simple, if x person thinks Bitcoin will go down badly from current levels, then go ahead and open short positions. If you're so confident in yourself, then put your money where your mouth is, and bank on your 'knowledge'. People initially didn't like the future markets because they offer short exposure, but in these cases it comes quite handy. If a skeptic isn't willing to put money on the line to back up his words, it should be clear that no one should take him seriously (not that anyone is doing so right now, but still Cheesy

). Actions speak louder than words!

Myself dumping BTC is putting "money where your mouth is" without having to letting gambling addiction get the better of me

Dear , dear you have got it bad if you need to turn everything into a bet but I know, without the lows
you would not appreciate the highs right Roll Eyes

harrypotter1229

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Risk has always existed. Indeed, there are some bubbles in the bitcoin now. But I think bitcoin is different from Holland tulips hundreds of years ago. Bitcoin is a new technology with huge community support. If it can better integrate with our daily life, its value can also grow.

Anti-Cen

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High fees = low BTC price

Quote from: fireblond on December 31, 2017, 03:24:38 AM

I don't think it will go below 10 000 it might for a short period of time, but 5000$? that's too unreasonable. Also he mentioned next 6 months.. if Anything next 6 months it won't be any where near 5000$ feel free to quote me :3

Well it was below $5000 four months ago and transactions fees were low so given
that BTC won't scale as everyone has now found out and it's becoming unusable as
a currency for the masses due to the $45 fees then is it really "unreasonable" to
suggest we could well see $5000 again ?

No good having a car if the road is broken

1Referee

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Very simple, if x person thinks Bitcoin will go down badly from current levels, then go ahead and open short positions. If you're so confident in yourself, then put your money where your mouth is, and bank on your 'knowledge'. People initially didn't like the future markets because they offer short exposure, but in these cases it comes quite handy. If a skeptic isn't willing to put money on the line to back up his words, it should be clear that no one should take him seriously (not that anyone is doing so right now, but still Cheesy

). Actions speak louder than words!

simsamsum

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Quote from: bitcoinzen on December 31, 2017, 03:12:14 AM

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

Everyone can be deniers until an emerging tech bubble bursts. It is bound to happen at some point. Just like with the dot com bubble, people are buying in on the idea of "what it could be". Short term we will always see major corrections, but long term the trend is still upward.

klaybbj

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In my opinion, Bitcoin if he will be down it will be between 7000$ and 10000$ and his price will go to around 40000$ by the end of this year or maybe more who know Roll Eyes

Drakeren

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I remember there are survey says the miner's cost for every bitcoin is $6600, so I think that's not happen, miners will not accept that, even if bitcoin cannot maintain his high price, miners will support bitcoin upper than $5000. He must in a parallel worlds, otherwise he will not do this ridiculously forecast.

aso118

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Quote from: bitcoinzen on December 31, 2017, 03:12:14 AM

"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.

He says it is one of the silliest ideas that he has ever heard, and he still believes that it will trade around $5000!! Even if Bitcoin does go to $5,000, it still represents a 400% gain in 2017. This is excluding the forks like Bitcoin Cash and Bitcoin Gold which will further boost returns. No other asset class can come close to such returns, even in a decade.

icanscript

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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.

emuLOAD

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How is expecting bitcoin to "drop" to $5000 apc considered bearish?

The _only_ situation that would actually be somewhat worrying is if we drop below 900$. THEN I would worry.

avikz

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I just read through the profile of Dennis Gartman. It seems like he is more into commodities rather than traditional stock market. Also he is old and has a traditional mindset. So he is having trouble to accept the true concept of bitcoin and crypto currency. Also I have seen that his comments earns him quite a lot of views and internet traffic through mainstream internet. We should now start to ignore such old age investment advisers. The world is changing and the economy is changing as well. Either we step in to the moving boat or we will be left behind. Dennis Gartman is such type of people who likes to be left out. So be it!

Bitcoin price is falling due to the congested network and high transaction fees. We need solutions like segwit to be implemented by all major wallet service providers. A lot of exchanges have already implemented that and also big wallet provider like Electrum also implemented that. It is the good time start using segwit enabled addresses which starts with "bc1". This will completely resolve the network problems and bitcoin price will come up quickly. We don't need old age morons to teach us about bitcoin.

Lucius

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Quote from: TheQuin on December 31, 2017, 04:05:28 AM

You do know that Dennis Gartman is the best-known contrarian indicator on Wall Street?

https://www.zerohedge.com/news/2017-09-24/who-made-dennis-gartman-commodities-king

Quote

I'm so glad that I sold the last of my gold position on Friday. There isn't any reason to be on the same side of a Dennis Gartman trade, not now, not ever.

Have a search through the @zerhedge Twitter feed to see his history of calling every top and bottom of the oil market. He buys high and sells low without fail.

Can we compare oil and BTC market?I do not think that makes any sense and prediction from Mr.Dennis is only one pure speculation like many others before.What we see now is so many prediction like this one,just few weeks ago the situation was completely different and many predict 20k$ + as something inevitably at the end of this year.

Even if we see BTC at 5000$ again(I personally do not believe it will happen)this will not be end of BTC,just new opportunity to buy at low price.Mr.Dennis have two things in which he believes,dollar and oil-better to stick to that.

Topic: Bitcoin will trade under $5,000, warns Dennis Gartman - page 2. (Read 675 times)