I've been thinking over this for a while and now I remember why he is wrong. He is using the "bitcoin is old tech" logical fallacy. Altcoins are the testgrounds for new ideas, some make it into bitcoin, but most do not. What is wrong with Prechter's prediction is the thought that bitcoin could be replaced with something "better" and that bitcoin's technology is immutable. This is why people get lured into shitcoins, and it shows a deficit in his understanding of bitcoin itself, the nature of open protocols and how technology responds to the free market.