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Author Topic: [2018-09-13] Bitcoin Price Should Stabilize Near $5,000: Allianz Chief Economist  (Read 164 times)
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September 13, 2018, 06:25:16 AM
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 #1

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again made an exception.

Cryptocurrency’s Not Going Away


The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.

Continue reading >> https://www.ccn.com/bitcoin-price-should-stabilize-near-5000-allianze-chief-economist/
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September 13, 2018, 09:43:22 AM
 #2

What a article, Allianz Chief Economist think that BTC price should be near 5k$ based on what, maybe he want buy more and need price to go down? How many time price need to hit same bottom to prove that it will not go lower anytime soon, despite the desire of some people to make this happen?

If you read article you will find more "notable financial experts" who predicted price for 2018 like Luis Carranza with his 2500$ bottom, or Nouriel Roubini who predict BTC will go to 0...

People who not understand BTC should not give any statement about it, year by year they talk nonsense and media is still publish their opinions.

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September 13, 2018, 01:20:53 PM
 #3

Should I tell you something? I actually prefer these sort of "bearish" predictions over all the senseless $20,000-$50,000 predictions coming from fake ass permabulls.

People shouldn't let a prediction type article get the better of them, but instead use it as a motivational step towards even more growth later on. Banksters pointing out that the price should stabilize around $5000 is actually quite a bullish indicator. It means that they see the value in Bitcoin instead of calling it a fraud that's not worth even $100.

I don't think he's that unrealistic with what he said. His previous statement back in June; Bitcoin is a buy if it falls below $5000, which yet again indicates confidence in Bitcoin.

We have to take in mind that Bitcoiners like we are and corporate bobos will never come together completely, we can just lessen the gap that seperates us.

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September 13, 2018, 05:18:17 PM
 #4

Should I tell you something? I actually prefer these sort of "bearish" predictions over all the senseless $20,000-$50,000 predictions coming from fake ass permabulls.

Exactly, when media spoke bitcoin as somewhat in a downtrend, the price goes up. LOL.

People shouldn't let a prediction type article get the better of them, but instead use it as a motivational step towards even more growth later on. Banksters pointing out that the price should stabilize around $5000 is actually quite a bullish indicator. It means that they see the value in Bitcoin instead of calling it a fraud that's not worth even $100.

I don't think he's that unrealistic with what he said. His previous statement back in June; Bitcoin is a buy if it falls below $5000, which yet again indicates confidence in Bitcoin.

We have to take in mind that Bitcoiners like we are and corporate bobos will never come together completely, we can just lessen the gap that seperates us.

And at $5000 a pop, its not bad as others might think it is. But who can't blame those mainstream economist, crypto is something unheard of and its obvious that they themselves doesn't know the full effect of it and I believed that even they themselves are somewhat at lost and their (old)school of thought being challenged by bitcoin. Perhaps we can find notable economist getting on the side of crypto in the next coming years.

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September 13, 2018, 06:24:48 PM
 #5

What a article, Allianz Chief Economist think that BTC price should be near 5k$ based on what, maybe he want buy more and need price to go down? How many time price need to hit same bottom to prove that it will not go lower anytime soon, despite the desire of some people to make this happen?

If you read article you will find more "notable financial experts" who predicted price for 2018 like Luis Carranza with his 2500$ bottom, or Nouriel Roubini who predict BTC will go to 0...

People who not understand BTC should not give any statement about it, year by year they talk nonsense and media is still publish their opinions.
Not a new thing that's why whatever prices they do really spit out on possible lows then I don't really care at all. Lots of numbers we already had been hear about and we can see on what are the recent results or events.
$5k is possible but we wont really easily hit that lower low since there are already lots of buyers or support on 5800 which have been test out to break for how many times.We might be near on that range and also theres no such thing about  stabilize.



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September 13, 2018, 08:50:47 PM
 #6

What a article, Allianz Chief Economist think that BTC price should be near 5k$ based on what, maybe he want buy more and need price to go down? How many time price need to hit same bottom to prove that it will not go lower anytime soon, despite the desire of some people to make this happen?

If you read article you will find more "notable financial experts" who predicted price for 2018 like Luis Carranza with his 2500$ bottom, or Nouriel Roubini who predict BTC will go to 0...

People who not understand BTC should not give any statement about it, year by year they talk nonsense and media is still publish their opinions.

I couldn't agree more. Why does he think that the price should be at 5k? Why not 4k or 6k? A year ago it wasn't even at 5k so why is he so bullish towards BTC itself but bearish towards the current value. To me this value (6k) is very low. I believe it should be trading for 50% of the ATH at the very minimum, as we had the correction, went down 70%, and now it's time to return to the mean at the long term uptrend, near half of the ATH. Speculative or not, I can't find justification for this much value leaving the market while the fundamentals are going strong. He shouldn't be giving financial advice if he can't explain why the value should be at 5k. I can say that it should be at 10 and both of us will be wrong because we're at 6k.
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September 13, 2018, 09:02:41 PM
 #7

I believe it should be trading for 50% of the ATH at the very minimum, as we had the correction, went down 70%, and now it's time to return to the mean at the long term uptrend, near half of the ATH. Speculative or not, I can't find justification for this much value leaving the market while the fundamentals are going strong. He shouldn't be giving financial advice if he can't explain why the value should be at 5k. I can say that it should be at 10 and both of us will be wrong because we're at 6k.
The price was hovering under $5000 when the futures were announced, and that gave the market a boost that it needed to peak around December because the majority assumed billions in liquidity would flow in.

If we deduct the speculation around the futures, and the speculation around ETFs that won't be approved, the price shouldn't be anywhere near the $10,000 mark. Remember that the bull run started from below $800 in 2017.

From $800 to $5000 is still an incredible milestone. Time will tell whether or not well get $5000 levels again, but it shouldn't be discarded. The previous bear market took around 14 months to finally reach the bottom.

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September 14, 2018, 04:31:50 AM
Last edit: September 14, 2018, 04:43:52 AM by Bitcoinsummoner
 #8

I’m landing on some conclusion and stepping a toe or two for being hard-headed and stubborn. Do I have to be comically funny, doing faces after hearing or reading some article without proof /overvalued? 5000$ stability/ my gosh?

I don't even listen to my mother singing /don't invest on those crap, lmao/

Now I got hardware running for days and my mama's dancing /shopping! shoopping/.



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September 14, 2018, 06:37:56 AM
 #9

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again made an exception.

Cryptocurrency’s Not Going Away


The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.

Continue reading >> https://www.ccn.com/bitcoin-price-should-stabilize-near-5000-allianze-chief-economist/

Saying that cryptocurrencies are not dead is saying something good? I think that the views of El-Erian are not as pessimistic as those of other economists, but they are pessimistic all the same. It all depends on how you word his views. An author could give it a pessimistic spin by saying 'further drop in price predicted before stabilization'.


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September 14, 2018, 11:00:11 AM
 #10

Do not believe this why there are so many expert economist speculates the bitcoin
What is true? There have predicting that bitcoin hoes into zero value
I do not understand to them where did it get this statement for bitcoin future
Positive or bad thoughts one thing i still kept in mind bitcoin are strong currency
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September 14, 2018, 01:21:36 PM
 #11

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again made an exception.

Cryptocurrency’s Not Going Away


The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.

Continue reading >> https://www.ccn.com/bitcoin-price-should-stabilize-near-5000-allianze-chief-economist/

Saying that cryptocurrencies are not dead is saying something good? I think that the views of El-Erian are not as pessimistic as those of other economists, but they are pessimistic all the same. It all depends on how you word his views. An author could give it a pessimistic spin by saying 'further drop in price predicted before stabilization'.

they are more optimistic than pessimistic
pessimistic would be "bitcoin being a ponzi and scam not worth anything,sell it now!"
these words coming from a banker and your classic old school economist are a good indicator of the potential
and that the banking system realised the futility of the attempts to dismiss the phenomenon like an annoying fly 
not reacting long time to any predictions be it bullish or bearish, the market will decide the price (or those clever and rich enough to be able to manipulate it)
bitcoin is here to stay,period.

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September 14, 2018, 05:19:08 PM
 #12

I believe it should be trading for 50% of the ATH at the very minimum, as we had the correction, went down 70%, and now it's time to return to the mean at the long term uptrend, near half of the ATH. Speculative or not, I can't find justification for this much value leaving the market while the fundamentals are going strong. He shouldn't be giving financial advice if he can't explain why the value should be at 5k. I can say that it should be at 10 and both of us will be wrong because we're at 6k.
The price was hovering under $5000 when the futures were announced, and that gave the market a boost that it needed to peak around December because the majority assumed billions in liquidity would flow in.
If we deduct the speculation around the futures, and the speculation around ETFs that won't be approved, the price shouldn't be anywhere near the $10,000 mark. Remember that the bull run started from below $800 in 2017.

If you call the whole bull market "bull run" then sure, it started below $800, but the bull run IMO is an exponential rise, much like that 5000+ jump, not a bull market that needed a year to go from 700 to 1200. A <100% gain per year is nothing special even in terms of traditional stocks. Plenty of companies have done better. 500% a year is another story Smiley So, to be specific, the exponential rise (bull run) was in December 2017 as part of the whole 2016-17 bull market.

Quote
From $800 to $5000 is still an incredible milestone. Time will tell whether or not well get $5000 levels again, but it shouldn't be discarded. The previous bear market took around 14 months to finally reach the bottom.

So in your view everything that happened above $5000 was pure speculation on the value of futures and the new markets in Japan and Korea with all their regulation and adoption that opened at that time had nothing to do with it. Can't argue with that.
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September 17, 2018, 09:44:17 PM
 #13

Quote
The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.


I actually completely agree with his comments. Finally, someone realistic and sensible talking about bitcoin.

While the bear market may still have some more time to go before it finally bottoms, I think it is evident right now that bitcoin is nearing its floor. Anything less than $4-5k in price would simply mean the buying pressure from below will boost demand and bring prices back up again.

The rallies we saw a few weeks back were essentially bull traps, though. As I've mentioned, bearish sentiment still dominates the market and it's hard for a trend reversal to happen right now. The most likely outcome is thus a dip to $3-5k, a correction upwards, and stability there before the recovery finally comes. Reason why I don't think BTC is going to stabilize at the $6k level is because there's going to still be a lot more time that will need to elapse before we're close to being done with the current bear market.

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September 18, 2018, 02:00:49 AM
 #14

With the strong support on the $6k price, I don't that would ever happen. Bitcoin did slipped down from $6k which has gone down to $5,8k but that was very quick because it recovered back again. So I'm really certain that the best price these bearish predictors can take is in the $6k value.
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September 18, 2018, 02:10:45 AM
 #15

I see stability more at $6000 ish than at $5000 even if it stabilises at $3500 to $4000 I am still ok with the price. There's been too much speculation and predictions on over bloated price/All-time- high!
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September 18, 2018, 05:03:41 AM
 #16

Quote
The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.


I actually completely agree with his comments. Finally, someone realistic and sensible talking about bitcoin.

While the bear market may still have some more time to go before it finally bottoms, I think it is evident right now that bitcoin is nearing its floor. Anything less than $4-5k in price would simply mean the buying pressure from below will boost demand and bring prices back up again.

The rallies we saw a few weeks back were essentially bull traps, though. As I've mentioned, bearish sentiment still dominates the market and it's hard for a trend reversal to happen right now. The most likely outcome is thus a dip to $3-5k, a correction upwards, and stability there before the recovery finally comes. Reason why I don't think BTC is going to stabilize at the $6k level is because there's going to still be a lot more time that will need to elapse before we're close to being done with the current bear market.

It is tough to make calls on the floor levels. When the price started retreating from $20,000, people predicted that $10k would be a very strong support level and would probably form the floor. We saw that Bitcoin cut through that level and dropped much lower. It might look as if Bitcoin is stabilizing at around $6k now, but it could make a sharp move in either direction.


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September 18, 2018, 02:07:11 PM
 #17

Bitcoin is like gold. Both cannot be stabilized. Either they pump or dump. There is not such a thing called stabilization, even the value of the USD is not stabilized among other currencies. But I believe one thing, that he just wants the price to stay this way. I do not know his intentions, but people should not listen to anyone or be convinced by any article. People have their own freewill and their own decisions to make

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September 20, 2018, 09:09:47 PM
 #18

The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead

this everybody knows

though they may be overvalued.

Proof?

Why he does not show proof to convince us of this? I see many comments similar to these, but no one shows proof

He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000

If the price was $5000, he would say it should be $4000

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September 21, 2018, 10:07:55 AM
 #19

if price was $5000, i'm going to sell my house and buy bitcoin.

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