{"id":118557,"date":"2017-12-22T17:50:17","date_gmt":"2017-12-22T22:50:17","guid":{"rendered":"http:\/\/countingpips.com\/?p=118557"},"modified":"2018-06-01T15:46:52","modified_gmt":"2018-06-01T15:46:52","slug":"i-wouldnt-touch-bitcoin-risk-of-collapse-too-big","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/i-wouldnt-touch-bitcoin-risk-of-collapse-too-big\/","title":{"rendered":"“I Wouldn’t Touch Bitcoin, Risk of Collapse Too Big”"},"content":{"rendered":"
December 22, 2017<\/div>
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Bitcoin’s 50% crash was not entirely unexpected <\/span><\/h3>\n

By Elliott Wave International<\/span><\/h3>\n

“Wild” doesn’t begin to describe Bitcoin’s price action. This spring, it traded as low as $1200. Last week, BTC futures topped $20,000.<\/p>\n

Yesterday (December 21), in an article by newsmax.com, Elliott Prechter warned about Bitcoin’s future:<\/p>\n

Elliott Prechter: I Wouldn’t Touch Bitcoin, Risk of Collapse Too Big<\/strong>
\nThursday, 21 Dec 2017 10:38 AM<\/p>\n

“We provided the first financial publication in the world that discussed Bitcoin when it traded at 6 cents in 2010. Amidst obscurity, skepticism and disinterest, we explained the currency and said it had great potential,” says Prechter.<\/p>\n

Today, however, he says if you aren’t already in the game when it comes to bitcoin, you might be better off sitting this one out.<\/p>\n

“Bitcoin had great potential in 2010, but not in 2018. With today’s elevated prices, manic psychology and weak fundamentals, I wouldn’t touch it. The risk that it could collapse is too great.”<\/p>

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Prechter says bitcoin could prove to be as fragile as a flower, or more specifically a tulip, comparing the bitcoin phenomena to the 1600s tulip mania in the Netherlands.<\/p>\n

Then, the next day, Bitcoin crashed (just as Prechter had warned), reaching a low of $10,400 on cash exchanges.<\/p>\n

When powerful new technologies emerge, they attract droves of investors. We saw it with the internet sector in the late 1990s. At the time, we described it as a bubble in the making.<\/p>\n

Obviously the internet survived the bubble–and now thrives. But many investors’ portfolios didn’t.<\/p>\n

We expect the same with Bitcoin. The blockchain technology that’s behind it and other cryptocurrencies holds great potential. But unprepared investors, oblivious to the big picture, will see — and have already seen — their positions get run over.<\/p>\n

That doesn’t have to be you. You can be among the few prepared investors who understands what truly drives price swings in the crypto market.<\/p>\n

We have two ways to help. The Theorist<\/em> continues to cover the big-picture cryptocurrency trend — and in fact, a Financial Forecast Service<\/strong><\/a><\/em> subscription, of which the Theorist<\/em> is a part, will continue to show you exactly how the Bitcoin bubble is a preview of the still-larger financial markets mania.<\/p>\n

And for speculators who dare to dip their toe in these fast-moving waters, we’ve just launched Cryptocurrency Pro Service<\/em>. It delivers daily and intraday Bitcoin forecasts, with plans to add more cryptos soon. Learn more about Cryptocurrency Pro Service<\/em><\/strong><\/a>.<\/strong><\/p>\n

One thing’s for sure. When there’s this much volatility in a market, the opportunities — and risks — are huge. More than ever before, you need to know what the Elliott waves are saying.<\/p>\n

Whatever your level of interest in Bitcoin and cryptos, we’ve got you covered.<\/p>\n

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This article was syndicated by Elliott Wave International and was originally published under the headline I Wouldn’t Touch Bitcoin, Risk of Collapse Too Big<\/strong><\/a>. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s 50% crash was not entirely unexpected By Elliott Wave International “Wild” doesn’t begin to describe Bitcoin’s price action. This spring, it traded as low as $1200. Last week, BTC futures topped $20,000. Yesterday (December 21), in an article by newsmax.com, Elliott Prechter warned about Bitcoin’s future: Elliott Prechter: I Wouldn’t Touch Bitcoin, Risk of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-118557","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=118557"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118557\/revisions"}],"predecessor-version":[{"id":118558,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118557\/revisions\/118558"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=118557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=118557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=118557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}