EW or any form of TA is a tool. It's important to use the right tool for the job at hand. At this point in time the crypto market is in its infancy and from what I've seen and read, interest by a larger audience is growing, not shrinking. This tells me that there will likely be much more capital flowing into crypto and therefore prices will likely rise from this point. In this type of market, EW seems to me to be a valid method to help determine the probable price pathway. Also, if you have been following Haejin for a while you will know that he uses a combination of chart patterns and EW. Chart patterns are much more effective a determining the likely direction of price. Once you have that, EW helps show where you are in the cycle.
As you said, the further forward in time that you go, the more unreliable the forecast. Haejin has written an essay on this topic.
https://steemit.com/bitcoin/@haejin/essay-why-is-time-projection-so-difficult-for-technical-analysts
Your point about BitConnect is certainly valid and underscores the importance of having a diversified portfolio. A subject which Haejin recently posted about.
In life and in TA, people want to have a guru, often so that they don't need to take personal responsibility for their decisions. Haejin is providing valuable insights into how the market functions and has also made recommendations which have performed well.