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.
Bitcoin’s current performance
The surge in the price of Bitcoin in the past couple of weeks has caught the attention of several financial analysts. According to Ronnie Moas of Standpoint Research, the cryptocurrency could possibly hit $5,000 in the next few months.
Ritholtz Wealth Management chief executive officer (CEO) Josh Brown, meanwhile, blogged that he used Coinbase to purchase some Bitcoin. The banks Goldman Sachs and Morgan Stanley analyzed Bitcoin and its Blockchain technology in their latest reports.
Elliott Prechter, however, said that the excitement about Bitcoin surpasses the tulip bulb mania in The Netherlands in the early 1600s.
“A mania can be both a mania and a revolution at the same time
Nope. I've got better data,and we will see large ups and downs, but a completely positive trend, and no bubble.
Sick of hearing bubble. There is NO BUBBLE until you can walk down the street, ask anyone 'do you have bitcoin' and until they say yes or no and not 'what are you talking about' we are NOT IN A BUBBLE.
Tulip mania is not even close to the same scenario, and cryptos are a global market, not TULIPS that rot. Also crypto penetration is less than 1%. Don't listen to anyone who talks on MSM. They are trying to get you not to invest before the system collapses.
yep, I totally disagree with this guy,
1 the internet changes the landscape in which these things move and grow, looking at precedents is difficult because of this
2 blockchain is revolutionary and still very very unknown, the market feels huge to us in it, but 99% of people don't even know what a bitcoin is yet.
I can see the mainstream system collapsing though, but that would clear the way for btc and its crypto cousins
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