[2017-07-22]Analyst Who Predicted 1987 Stock Market Crash Predicts Bear Market f

[TravelMug]

Analyst Who Predicted 1987 Stock Market Crash Predicts Bear Market for Bitcoin and Altcoins

Market analyst Elliott Prechter has projected that digital currencies, particularly Bitcoin, will experience a sharp decline in the near future. Prechter has correctly forecast the surge of Bitcoin in 2010 when the cryptocurrency’s price was just six cents.

In his July 13, 2017 report, Prechter claimed that the Elliott wave pattern, optimistic psychology, and Blockchain bottlenecks will lead to the collapse of the digital currency market.

"The price activity and manic sentiment that led to present prices have dwarfed even the Tulip mania of nearly 400 years ago. The success of Bitcoin has spawned 800-plus clones (altcoins) and counting, most of which are high-tech, pump-and-dump schemes. Nevertheless, investors have eagerly bid them up.”

Previously predicted the stock market crash

Prechter is the son of analyst Robert Prechter, who founded the newsletter The Elliott Wave Theorist in 1979. Prechter correctly predicted the 1987 stock market crash using the Elliott Wave Principle. However, the accuracy of the Elliott Wave was put in question when Prechter’s forecast on the end of the 1990s bull market missed.

The younger Prechter, meanwhile, has correctly predicted Bitcoin’s rise when it was just priced at six cents in September 2010.

https://cointelegraph.com/news/analyst-who-predicted-1987-stock-market-crash-predicts-bear-market-for-bitcoin-and-altcoins

[Kemarit]

"The younger Prechter, meanwhile, has correctly predicted Bitcoin’s rise when it was just priced at six cents in September 2010."

Did you really predicted that bitcoin will rise to this new level? Did you bought something because of his prediction? Or did someone follow his prediction and bought a lot of bitcoin back then? They should be multi-millionaires by now. Really funny how those market analyst has predicted something but they themselves are not buying it. I haven't seen anyone claim that they bought bitcoin because of his prediction.

In his July 13, 2017 report, Prechter claimed that the Elliott wave pattern, optimistic psychology, and Blockchain bottlenecks will lead to the collapse of the digital currency market.

Well he predicted that the market will be bearish. But I'm sure a lot of you will opposed of it. We are all optimistic here and we think that this prediction has no basis at all. What do you think guys?