Here's how much bitcoin could fall in 2018: Gartman

There seems to be nothing that can convince Dennis Gartman to turn bullish on bitcoin.

Despite tanking this month, bitcoin has still soared over 1,400 percent this year. But Thursday on CNBC’s “Futures Now,” The Gartman Letter editor and publisher reiterated his skepticism on bitcoin’s meteoric rise, a view he has held for the past few months.

“I’m very bearish on bitcoin, I think it’s one of the silliest ideas I’ve heard in a long time,” he said. “To be separated from the brilliance of the block chain, [makes even] tulips in [17th] century Holland look almost like a quiet, well-demeanored market,” Gartman said, using a frequently invoked analogy of the boom in tulip prices that sent the Dutch into a frenzy nearly 400 years ago.

After reaching spectacular heights, tulip prices eventually tumbled sharply. The phenomenon has since become synonymous with bubble markets like 90s dotcom stocks, and housing prices prior to the 2008 financial crisis.

Gartman told CNBC that bitcoin will not only burn all those involved with it, but once it does there will be a rush into gold.

“When bitcoin falls, and it shall, it’ll trade under $5,000,” he said. “Whether it does it next week, next year, six months from now, it’ll happen. And then I think we’ll find at the margin money that had moved into bitcoin and away from gold will move away from bitcoin and into gold.”

Bitcoin has tumbled 6 percent this week, the latest plunge due to South Korea’s possible actions to crack down on the cryptocurrency.

Here's why Dennis Gartman is picking commodities over stocks in 2018

Futures Now

  • Dennis Gartman makes his case for what will happen to bitcoin in 2018.

  • Bitcoin

    There are dangers lurking in the cryptocurrency market that could burn a lot of investors, says analyst Michael Dudas.

  • Volatility market gains

    Ralph Acampora, called the godfather of technical analysis says a pause in the rally is coming.

  • Oil field workers on a rig in Tioga, North Dakota.

    One technician sees oil, pinned below $50, more than doubling its current price.


  • Here's how much bitcoin could fall in 2018: Gartman

    Dennis Gartman of The Gartman Letter tells the “Futures Now” crew why he’s still bearish on bitcoin going into 2018.

  • Bitcoin craze made up of ‘really stupid speculators,’ David Stockman warns

    Fmr. OMB Director David Stockman predicts the bitcoin boom will end disastrously.

  • Unstoppable bull market has more room to run

    Stocks near record highs. Trading SP futures now, with CNBC’s Seema Mody and the Futures Now traders, Jim Iuorio at the CME and Anthony Grisanti at the NYMEX.

Host Bio Watch Now

  • Jackie DeAngelis

    CNBC Reporter, Host “Futures Now”

  • Tuesdays Thursdays 1pm ET

Trader Bios

  • President, GRZ Energy Inc.

  • Managing Director, TJM Institutional Services

  • Jeff Kilburg

    Founder CEO, KKM Financial

From Our Sponsor


Share this video…

Watch Next…

News Reporter

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.