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

good!

Not really. Since Dennis Gartman said it, it's guaranteed to be wrong. That already is proof.

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.

I don't think this will happen again.You are expecting the price of bitcoin will go to four month back price.If you want to happen so,you need to be patience till the price fluctuates to such value.All the bitcoin knowledge user will inverse their money in bitcoin blindly.Because they know the price of bitcoin will raise back.

Oh well, the guys is really bearish about bitcoin so what do you expect from him. I there a small chance that we can go down that low, but I can't imagine people started to buy again at the price and then bitcoin rose from the ashes again. I want to know factors should really crash the market and pull the price? However, for me bitcoin cant be compare to tulip bubbles because bitcoin has limited supply that's why the price keeps going up regardless on what negative things they say  about it. Dennis Gartman is and old school, so I there we have to understand where he's coming from. But I think most of us will disagree with his predictions. There are really lots of bitcoin market analyst out there, but so sorry Dennis Gartman is not one of them.

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.

As mentioned in the above quote bitcoin will not downfall to such a low value less than $5000. Price fall is obvious, and such news rolling out from personalities stating that the value will decrease is just a initiation of FUD. Same time several predictions has come out of personalities stating price will grow higher than $50k.

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

So according to this 'expert' which has been bearish for months, despite bitcoin being bullish, bitcoin will crash and it'll still trade at 5k, how's that a failure? Yes many will lose money, but that is still a massive price, some compare bitcoin to tulips but tulip's prices went to almost zero, if bitcoin will trade at 5k then it's not a failure and given enough time it'll recover and reach new heights again.

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!

Which is not going to happen, anyway! What most people doesn't understand about bitcoin is it just too big to fail. Bitcoin is no longer a $100 million market it reaches up to $280 Billion market. 

I put down a short bet on the stockmarket on the day of the election, it peaked prior to results on speculation and became an easy target for that idea.     The market did fall greatly overseas and before USA open (futures) and then it rose strongly and regained any losses and of course its gone up ever since.

See there is always two sides to a story regardless of bias.    The story for stocks rising is many describe global trade and Trump being elected is not leading to a strong dollar.  As SP500 is denominated by dollar and that is a weak factor, the nominal price rises.

Same for gold or even Bitcoin, its stronger then expected because there is a relation to weak dollar.    Gartman is missing that mostly.   In 2008 the dollar rose on the back of expected bankruptcy but instead policy changed to prevent that.   To predict Bitcoin to sell off now you have to also predict a better standard for global currency transfer, I hope BTC improves its game but also I dont think Dollar or US treasuries are an especially strong standard.   So long as effective inflation exceeds interest rates then it will likely boost interest in crypto in parts of the world.   

A lot of people got it wrong about Trump's effects on the stock market. The Republican tax cuts, strong growth across the world and easy money (quantitative easing has not been rolled back fully) have triggered the bull run in stock markets.
Bitcoin seems to have far more detractors than Donald Trump.  I too will discount this prediction.

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.

Plain old fud. Bitcoin now has strong support that it will be hardnfor btc to break a 10k support line even through all the negative news thrown against it right now

If we look back at how the market has been performing in the last years, it becomes clear that we can't discard certain price levels from being revisited again. I remember how sure people were for the price to not fall back below $1000 again, but it still happened, and turns out now, it was an amazing buying opportunity. At this point there is literally nothing that indicates a drop to such low levels, so let people just speculate as much as they want. In some cases I like to see a difference in speculations in times where the majority of the people here are over-exaggerated bullish. Some less bullish predictions are very interesting to read through when they contain factual information.

Gartman is also negative of gold appreciation for a long time, he did say he would buy gold by selling YEN.     Hence he is effectively saying if you live in a country with weak currency then you could hold that asset.   I would also include anywhere linked to Dollar and not a net exporter, these are places with weak currency, hold some gold and use BTC or crypto for payments online is a reasonable thing to do

Gurus famously state both opposites in an opinion, so have to be interpreted.   On balance, holding Yen vs BTC is not great long term and anyone who knows Yen knows its a failing currency standard.     If you live in Switzerland maybe be more bearish on BTC because your personal FIAT is a much stronger standard.    Holding all BTC isnt super wise either, stay balanced is the best advice.      

Here's what happens when so-called financial experts say Bitcoin will fall:



Hodl.

price back below 10,000$ will be only drama or impossible.
 maybe if fee keep increasing price will down blow less than 10,000$ but will back fast.

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.

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.

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 ...

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.

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.

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.

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

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.    

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.

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  

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.

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

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 ). Actions speak louder than words!

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.

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  

 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.

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.

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.

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.

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.

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.

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