Sunday , 23 February 2020

Harry Dent: Bitcoin Should Reach $32,000 IF Stocks Have Final Blow-off Rally (as expected)

I am clear about one thing: IF stocks have…a final blow-off rally – and that looks increasingly likely to me – bitcoin and [other] cryptocurrencies will almost certainly have their own dramatic blow-off rally as well.

…Breakthrough new technologies always start with a “hype” phase during which their potential is dramatically overstated in the short term. Then, when that bubble collapses, the technologies are underestimated until the “real” bull market becomes evident after a few decades. [With that being said,]…here’s my projection for Bitcoin IF stocks see a final blow-off rally and top:

[When one looks]…at the entire bitcoin bull market since 2011 through the Elliott Wave filter…it looks like the classic 5-wave rally:

  • The first wave peaked in late 2013 and crashed 87% into early 2015.
  • The next wave peaked in December 2017 and crashed, thus far, 84% into its recent low around $3,200.
  • IF it repeats the 87% crash previously, that would be put it as low as $2,600 just ahead.
  • Then, IF stocks take off soon, as I expect they will, bitcoin could easily rally to a…high of $32,000 [which]…would be proportionate to the internet final wave up into February 2000 after the late 1998 mini-crash…

Like last time, bitcoin is likely to peak about a month before stocks, just like it did in late 2017 and as the internet did in early 2000 before the Nasdaq and stocks peaked.

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*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.