Bitcoin Rebounds Sharply After Gartman Predicts Drop

Having tumbled from record highs near $7600 to $6900 in the last two days, Bitcoin is rebounding this morning, back to $7250 following condemnation from Dennis Gartman and blessing from 'father of financial futures' Leo Melamed.

Gartman issued the following statement overnight...

BITCOIN: A Bubble Bursting… Maybe?: Our antipathy toward Bitcoin specifically and toward the crypto-currencies generically is widely known but yesterday’s action does look like a “reversal” to the downside… finally.

And Bitcoin surged...

 

But on the positive side, Reuters reports that Leo Melamed, 85, said while he was initially skeptical about bitcoin he sees similarities between it and International Monetary Market currency futures trading, which he launched as chairman of the Chicago exchange in 1972.

“The world in the 1970s didn’t look at currency trading as a valid instrument of finance. I too went from not believing (in bitcoin) to wanting to know more,” he said.

He says bitcoin could go beyond being a crypto-currency and represent a new asset class based on blockchain technology.

“My whole life is built abound new technology. I never said no to technology. People who say no to technology are soon dead. I’m still that same guy who believes in, at least examining change. That’s what bitcoin represents,” he also said.

Melamed said he expects major investors to take part in bitcoin futures, which the exchange plans to start by the end of year.

“That’s a very important step for bitcoin’s history... We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules."

Finally, we note that as the cryptocurrency has surged in recent months, searches for "buy bitcoin" have overtaken "buy gold" dramatically

“With the U.S. stock market setting fresh all-time highs day after day, it’s no surprise gold prices have retreated,” Adrian Ash, research director at London-based BullionVault, said in a report.

“Some investors are also being distracted by the noise around Bitcoin and other cryptocurrencies. Altogether, that’s made interest from new gold investors the weakest since the metal’s half-decade price lows of end-2015.”

Comments

TheReplacement happyfrog Tue, 11/07/2017 - 10:32 Permalink

It is time to admit the truth.  Gartman is the most accurate predictor out there and, I for one, need to subscribe to whatever newsletter he publishes.  And then bet 100% against every recommendation he makes.Also, use bitcoin profits to acquire gold/silver.  The bitcoiners and goldbugs are really on the same side - against TPTB.  Bitcoin will go up way more than gold in the short run.  Gold will never be affected by the lights being turned out in the long run.  Stop arguing and start hedging. 

In reply to by happyfrog

VD marysimmons Tue, 11/07/2017 - 10:20 Permalink

btc already is segwit hacked; so btc should really be called segwitcoin.do you know what segwit is? do you know what it does? do you know who is behind Blockstream, the co that hacked btc w/ their segwit by convincing miners to agree to it? hint: AXA. & you probably also don't know that Blockstream owns the segwit patent, ergo, they in effect own btc = segwitcoin. (segwitcoin didn't even solve the quardratic hash issue [in an efficient manner, esp going fw, assuming it does].)do you know that if miners agreed to segwit, as they did, what that implies for the whole chain? hint: the miners, if they agree as they did to allow for this hack, can now also agree to steal btc balances ("terrorism", "fraud" and all the other statist excuses now in the "decentralized" blockchain.)do your due diligence. btc is now officially a bankster owned scam. segwit2x is more of a distraction, since the btc is already compromised. ps: segwit was a soft-fork and as such will forever remain as part of the btc chain, even w/ future soft-forks (which can further subvert the chain a la said segwit). you can't un-hack or "uninstall" segwit in btc, or segwitcoin.    

In reply to by marysimmons

The_merovingian VD Tue, 11/07/2017 - 11:43 Permalink

"you can't un-hack or "uninstall" segwit in btc"You don't need to undo it because it already exists, its called Bitcoin cash and you can buy some if you want. I received mine for free when they forked.Seriously, you need to take your meds and stop reposting all the nonsense from reddit.

In reply to by VD

VD The_merovingian Tue, 11/07/2017 - 11:53 Permalink

FACTS are now "nonsense." we got another crypt0-sjw here. all my above research did not get reposted from reddit. this is my research which came from DIRECTLY communicating w/ people in this industry as well as DIRECTLY from people like Rick Falkvinge, et al. nice try. & yeah, i told ppl here if they want to speculate in shitcoins, to only consider bch.

In reply to by The_merovingian

The_merovingian VD Wed, 11/08/2017 - 02:56 Permalink

I was against segwit because as Satoshi himself mentioned in his white paper: “storage should not be a problem even if the block headers must be kept in memory”Segwit does not solve anything, it’s a small patch to cram a bit more hash in every block. However, it doesn’t compromise Bitcoin and its security either.If you want facts, than show me the patent for segwit or shut up. Blockstream themselves denied to have it: https://blockstream.com/2017/07/31/segwit-myths-debunked.html SOW ME THE PATENT.

In reply to by VD

marysimmons VD Tue, 11/07/2017 - 12:47 Permalink

So do you think its better if the Digital Currency Group's segwit 2x fork comes to be known as BTC, or the real Bitcoin?  I have a basic understanding of segwit and have heard the arguments against it before, but people have to deal with what we have now. I'd love to hear your solution.  

In reply to by VD

Harry Lightning Tue, 11/07/2017 - 08:56 Permalink

It never fails ! This guy is just as good as someone who is always correct. He belongs in the Hall Of Fame of investors. Pay him his monthly fee for his advice, and bet heavily the opposite way, and you will be quite wealthy in a short time.There are millions of people living in areas where it gets cold in the winter who would love to hear this moron would say he is bullish on oil now. They would sleep better at night knowing it won't be an expensive winter !

Seasmoke Tue, 11/07/2017 - 09:01 Permalink

Been watching this daily for 2+ years now. So do we still think BitCoin rise has nothing to do with caps on Gold and Silver prices ??????

Bay of Pigs Seasmoke Tue, 11/07/2017 - 09:50 Permalink

Who knows. But gold and silver price suppression and manipulation has been around for decades, long before BTC ever came along.

Funny, but I'm still waiting to see some proof that Satoshi the BTC billionaire actually exists in human form. Not that people like tmosley ever question things like that.

In reply to by Seasmoke

Full Court Lug… tmosley Tue, 11/07/2017 - 09:42 Permalink

More to the point it's not money because you can't spend it anywhere. It's an intangible collectible token, like when people used to pay $1,000 for rare beanie babies, except now you don't even get a toy for your kids out of it.When the BTC postmortem books are written years from now, the thing that will amaze people will be how it was the purest possible form of an asset bubble/ponzi scheme, a tulip bubble without even the tulips."Grandpa, you mean people actually paid $7,000 apiece for invisible intangible scraps of digital memory that literally served no purpose except being bought and sold?""That's right, child. In those days we thought people were dumb for paying $500 for a jpeg of a spaceship in Star Citizen, but at least they looked slick. But for a few glorious months a bunch of Silicon Valley soyboys and Chinese gambling addicts really thought they were going to make fuck-you money by all simultaneously selling their BTC hoards to some imaginary army of greater fools."

In reply to by tmosley

medium giraffe Full Court Lug… Tue, 11/07/2017 - 09:56 Permalink

Money remains pretty stable, you don't hang on to dollars for the next great bull run in the dollar, you spend them.  Money this is not.  You aren't going to spend a $7000 BTC on a pizza.  It's a protocol, it was designed with transfer in mind, like email for money.  It's a fucking amazon voucher.  Speculation is not what it was designed for. Just wait until everyone realises that the blockchain is the valuable part, because anyone can make their own coin based on the blockchain and use it for whatever transactions they please - *poof*, show's over.Choo choo!

In reply to by Full Court Lug…

Harry Lightning VD Tue, 11/07/2017 - 10:44 Permalink

I don't see any comment from you above...so AXA already has a department that specializes in using blockchain technology for commercial applications ? I can buy equity shares in AXA on the NYSE...are there any other companies that you know of that are building blockchain departments to build this technology out for commercial purposes ? 

In reply to by VD