Denis Gartman predicted Bitcoin to drop under 5000$ at the end of 2017!!

[kobradobra]

2:48 PM ET Fri, 29 Dec 2017 | 01:48

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: https://www.cnbc.com/2017/12/30/bitcoin-will-trade-under-5000-warns-dennis-gartman.html

Well done sir, well done. I concur with him about GOLD PART. Bitcoin is super volatile and has zero value in Global economy. You can't say the same about GOLD!!!

[jseverson]

Okay? I don't particularly care what he thinks because he's entitled to his own opinion, but isn't it a little too early to celebrate his piece? Bitcoin is still worth well over $6000 at the moment. I do think it's very possible for it to plummet to sub-$5000 levels, but you're jumping the gun here.

[riskthebiscuit]

Okay? I don't particularly care what he thinks because he's entitled to his own opinion, but isn't it a little too early to celebrate his piece? Bitcoin is still worth well over $6000 at the moment. I do think it's very possible for it to plummet to sub-$5000 levels, but you're jumping the gun here.

Add to that fact that the OP says Bitcoin has zero value in the global economy, makes it harder to take the post serious. OP why Bitcoin have zero value in economy? It can provide so much it isn't funny.

-remittances across the world
-microtransactions
-bank access for the poorest people

Btw I didn't know cash had zero value in economy , Bitcoin is a super sized version of that. It is digital cash yes, but the decentralized network provides tremendous value!