That’s how many times mainstream pundits have declared the death of bitcoin since 2010.
That’s according to 99Bitcoins. It tracks how many obituaries the press has run on the world’s first cryptocurrency.
Exactly zero of them have been correct.
Despite the naysayers’ repeated warnings, bitcoin has been up and running 24 hours a day, 7 days a week, 365 days a year for about a decade now.
Over that time, the value of all outstanding bitcoins has gone from zero to more than $150 billion.
As we’ve been showing you, it’s a decentralized, tamperproof, global currency network. It allows you to sidestep banks and central banks.
That’s already given it a value of $150 billion.
Still, only an estimated 5% of Americans hold bitcoin. That means there’s still plenty of room for growth ahead.
But as you’ll see today, it’s not going to be a straight shot higher for the world’s first cryptocurrency.
Bitcoin has fallen 36% since its peak this year.
And if our master trader, Jeff Clark, is right, there’s more pain to come before the next sustained rally kicks off.
He doesn’t own bitcoin or any crypto assets. He doesn’t follow crypto news. And he takes a perverse enjoyment in telling crypto folks that he doesn’t even care what a blockchain is or how it works.
He’s a chart guy… pure and simple.
Before taking up the helm at our Delta Report trading advisory, he managed $200 million in Silicon Valley.
At 42, he’d made so much money for his clients… and for himself… he decided to retire to spend more time with his family.
And he achieved all that by trading chart patterns.
I know because I keep an eye on the thank-you notes Jeff’s readers send him. Like this one from Bruce M.:
Turned $1,500 in to $4,350 in about six days. I bought these stocks on May 28 and sold on June 4. Thanks for a great trade!
Or this one from Dave G.:
Just wanted to say thanks to Jeff on his TEVA recommendation today. Great trade – ended up $10,000 for the day. Love your work, Jeff.
In fact, since he joined our group in 2017, Jeff has delivered over 150 winning trades.
Had you followed all his recommendations – winners and losers – you could have grown your money by 3,989%.
That’s enough to turn every $10,000 into $408,900.
Bitcoin lost 83% of its value during the “Crypto Winter” bear market in 2018.
But in February 2019, Jeff went out to readers of our free trading e-letter, Market Minute, with a bullish call.
With bitcoin trading at just under $3,600, Jeff said he’d spotted a bullish breakout pattern in bitcoin’s price chart. And he predicted the next big move would be higher.
Here’s what happened next…
As you can see, since Jeff spotted a bullish breakout pattern, bitcoin has risen 130%.
He believes the bitcoin price could drop to a low of $7,000 before taking off again.
Here’s the chart that has Jeff so bearish on bitcoin’s short-term prospects.
The red horizontal line marks Jeff’s downside target price. The blue dotted line is how he reckons the next move will play out.
Here’s Jeff with more on that…
The “King of Cryptocurrencies” is down about 20% over the past six weeks. Now, many folks are asking, “Is it time to buy?” And my answer is, “Not yet.”
The price of bitcoin has fallen far enough, fast enough, from its peak in June that it could certainly bounce from here at any moment. But we don’t quite have the conditions in place for a sustainable rally. It looks to me like any short-term bounce in bitcoin is going to be short-lived. And, it will likely be even lower before it’s ready to make any serious attempt to rally.
For more on why Jeff sees bitcoin hitting $7,000 before we get another sustained rally, read his update to readers of our free Market Minute trading e-letter.
But if you don’t have time, don’t worry. Jeff’s main takeaway is that we’ll see better buying opportunities in the weeks ahead.
So if you already own bitcoin, hold on. And if you’re still building your position, hold off on buying for now.
Next Wednesday, October 23, at 8 p.m. ET, he’ll be unveiling his first stock trading advisory.
Jeff has always been an options guy. He made his fortune trading puts and calls. But he recently uncovered a way to make options-like gains from a specific type of fast-moving stock.
And going by the reaction Jeff got when he unveiled it at the recent Legacy Investment Summit in Carlsbad, California… it’s going to be a hit.
Three weeks ago, I (Chris) joined more than 300 of your fellow readers… and more than a dozen Legacy Research analysts… at our second annual Legacy Investment Summit in Carlsbad, California.
We packed in a lot of big ideas, investment opportunities, and recommendations.
But judging by the gasps I heard around the room, Jeff’s was one of the most popular presentations.
His new strategy targets some of the fastest-moving stocks in the world. And about midway through his talk, Jeff showed a series of charts. Each one was of one of the trading wins his new strategy generated.
During backtesting, Jeff’s strategy generated a series of double- and triple-digit gains.
All over an 18-month timeframe.
It spotted stocks that went on to soar as high as 60%, 90%, 236%, 308%, and even 600%.
Look at these charts. They reveal what happens to a stock’s price after Jeff’s indicator tells him it’s time to buy…
Here’s another…
And another…
I can’t go into the details of Jeff’s system right now. He’ll reveal all, on camera, at his new training event next week.
It kicks off at 8 p.m. ET on October 23. It’s not every day Jeff debuts a new strategy. So my hunch is it will be heavily attended.
To make sure you secure your spot, sign up here.
Regards,
Chris Lowe
October 14, 2019
Dublin, Ireland