Topic: Bitcoin will trade under $5,000, warns Dennis Gartman - page 3. (Read 670 times)

What else is new? Another attempt to discourage bitcoin users and give bad reputation to cryptocurrencies in general.
We are all aware of volatility and how easy the price can change, for better and for worse, but that doesn't mean we have to beleive every comment we read somwhere and get in panic.

I think there's a slight chance that Bitcoin will touch USD 5,000,- again but I wouldn't bet on it. So far I'm not even sure we'll see sub USD 10,000,- any time soon, despite the current bearish tendencies.



People praising the blockchain, while utterly dismissing cryptocurrencies, always make me wonder if they actually feel qualified to talk about the matter, or just trying to fake it well knowing that they are using empty hulls of words.



Interesting assumption, but I doubt that much of the fresh money that went into Bitcoin came from gold (yet). Thus I doubt that a Bitcoin crash will see people move from crypto to gold.



Oh so that's what the recent declines are about! There I was thinking the market simply got ahead of itself

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

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.

And some say under 100 and some say under 10.
Its doomsday talk. bitcoin is here to stay, it's as simple as that.
one thing is for sure, bitcoin is store of value, so your money is safe in bitcoin!

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

I am always wondering why a limited resource like bitcoin is compared to an unlimited resource like tulips.
Two things can't be much more different.
I guess this is always used when the author has already made up his mind.
So every time I read that, I must assume the author is not too well informed.

Nothing is impossible.   It may go that low.   Whatever the market demands is where it'll go.   That's why it's always important to take profits.  Too many people think that all you have to do is buy $20-30k in coins and then you'll have a couple of million in a few years.   Just because that exact thing was possible in the last few years, it doesn't mean that copying the exact formula will yield the same results.   

Who told you that this is impossible,  it is possible if many feel fomo and sell their coins. The other thong us will it happen it might I still give it the space to fall since raise from last month rally till 20k was to fast now it seems to stabilize but we don't know will it go up or down. We have faith and believe price will increase so we all make a profit and flip or money.

I agree with this. I've been observing the negative comments about Bitcoin and found that there are a lot of people who exited with their funds due to its high fees and slow TAT.

So what? Who's that guy anyway? Anyone can say something about bitcoin. Some say history will just repeat itself. If people let it, it will really happen. But bitcoin is different, it will crash as many times as you like but it'll never get back 0.

Bitcoin is nt in the year 2014 to trade for 5000 dollars low there is huge untapped market just now they are all entering in Crypto world coming back to 5000 dollars is nearly impossible so we can expect 10000 dollars once or thrice thereafter big jump in prices

It's always better safe than sorry. Sounds cliche but this is very much true especially for those who experienced huge losses before.

That always easy to say, but in a bullish market wehn you sell too early you just miss out 20, 40 or even 100% profit

People on this forum are too exaggerated. With the recent bull market, the forum was flooded with post on how fast bitcoin was going to reach $1.000.000.000.000.000.000 and now that we have a little bear market it is flooded with posts like this one. I think one can make a lot of money by looking at the threads and doing the opposite: when they are like now, it is time to buy, and when they are very bullish, it is time to sell.

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

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