Bitcoin Forum

This analyst, who normally specializes in gold investing, argues Bitcoin is about to take a dive. Does he have a point? What about his implication that Bitcoin is largely a Millennials' phenomenon?

https://www.streetwisereports.com/article/2017/12/13/bitcoin-total-wipeout-alert.html (https://www.streetwisereports.com/article/2017/12/13/bitcoin-total-wipeout-alert.html)

You should know that everytime that an analyst takes a look over the charts, they are always going to talk about the same crap, that it is a bubble, that it is unstoppable.. And so on.

That is because the charts are insane, they really look like a bubble, but no one knows if it is really a bubble or not.

It is not because i do not want to judge him, but that is real.

Take a look over the charts, modify it to see the all time chart, you will see that the only thing that you can see is a huge green candle.

This scares every one.

i'm not very inclined to believe a gold analyst will have an impartial opinion, but he could turn out to be right in the short term. bitcoin and many other coins have done it plenty of times before.

but people getting into this should be thinking in terms of years, not the next few months. there were 'catastrophic wipeouts' before and then it came roaring back eventually.

and i have no idea what he means about millenials and anyone who writes about returning to your parents' basement is clearly a salty asshole.

Very biased comments and one-sided view of the overall scenario. He is trying pull water to his mill obviously. You couldn't have expected much different post from a person like that (even though I respect his position in such field). Unfortunately, many more comments are out there and more will come.

He's not entirely wrong from a technical standpoint. Anyone who trades the equity or commodity markets has experienced this kind of parabolic trend. The typical end to a parabolic rally is indeed a blow-off top -- a vertical rise and subsequent decline in price. In general, traders look for a 50% or greater price correction.

Like him, I suspect that BTC is headed for a blow-off. But while many analysts (who don't understand Bitcoin) will proclaim that the bubble has popped and BTC is headed to zero, I believe that it's just another dip to buy. Bitcoin defies conventional market wisdom, but in the end, there are always dumps. And eventually, once cryptocurrencies have reached the top of the adoption S-curve, it won't just be a perpetual uptrend anymore.

Good points, well said!

As someone who has followed gold for a number of years, I can sympathize with anyone who is frustrated the yellow metal has yet to explode in the way gold bugs have been expecting for so long, the way Bitcoin is doing now. It sure is exciting though!

The first two words of your title thread are enough for me to disregard the person's whole statement. Literally somebody who knows a market and tries to analyze a new market with old principles it has no meaning here. Zero value and I laugh when these guys throw shade. I am not saying they can't be correct but their whole basis is off point.

He could have a valid point in terms of vertical terminal velocity on charts often being unsustainable in stocks, bonds and precious metals. Of course there are always exceptions to the rule.

The zimbabwe dollars recovery could represent an example of vertical terminal velocity in charts being sustainable:

https://i.imgur.com/45UeUQS.png

To answer whether bitcoin is a bubble, someone would need to quantify to what degree people of the world have lost faith in governments and other institutions. How much fear is there that the euro or dollar will crash due to high deficits and overprinting of fiat?

It is possible enough people have lost faith in world leaders to drive concern about crashing dollars/euros/economies to support the growth we're seeing in bitcoin, enough to make it sustainable.

This may seem like a technical issue but it may be fair to say markets are often largely driven by emotion and so the pulse of the crypto community in terms of what drives it, could be a valid point here.

Yes! Technical analysis seems very limited at times like these.

no one in most developed countries cares about this. right now they're piling into bitcoin and alts to get rich and nothing else. normal people understand nothing about money and it's only greeks and cypriots who got a light schooling and even then they weren't subject to third world levels of debasement and inflation.

this is pure speculative mania.

The gold guys are jealous that their chart doesn't look like ours..
They have been preaching forever that the gold chart will do exactly this (against fiat)..
Now we are preaching that Bitcoin is the new gold? Heh, I bet they don't like that..
Imagine you have been buying 10% of your income in gold for the last 10 years, and then all of a sudden it looks like your gold might go obsolete against the "new" gold..
I bet you wouldn't be a happy camper.. If they accept BTC as the new gold they will dump gold for BTC..
If they don't accept that BTC is the new gold they will fight, likely attempting to tear BTC down rather than pump gold to catch up..
I read an article something about gold is going down as btc goes up.. That it shows gold money dumping into Bitcoin..
 

They are salty..

here goes my AROW prediction ...

https://i.imgur.com/8W07IeF.png

 LOL

What? what is this?
are we finally going to the moon  ;D

Nah man, that's a wormhole. We're going much further!