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And what is wrong with Velikovsky?

He wasn't a scientist, his understanding of basic physics was very weak, and he didn't rely on scientific methods to arrive at his conclusions, most of which were ludicrous. His defenders will say "but he got this right, or that right," while ignoring that the vast preponderance of his conclusions were faulty. He might have been right occasionally, just as a stopped clock is right twice a day.

I encourage you to do a web search on debunking Velikovsky; there's a fair amount of interesting material that deals with his mistakes.

Don't take my word for it:

Albert Einstein and Immanuel Velikovsky were friends for many years. In 1946 Velikovsky discussed his idea's of an encounter with Venus in the last few thousands years causing a pole shift accounting for much of ancient legend. He left Einstein a draft of his book Worlds in Collisions.
Below is the letter of response from Einstein. The two remained friends for years after this. Einstein was interested in the historical record that might include a catastrophic event of extraterrestrial origin (comet, asteroid, ect) but from his knowledge of physics he knew that a a pole shift and encounter with Venus in the last few thousand years were both impossible.
July 8, 1946
Dr. Immanuel Velikovsky
526 West 113 Str.
New York City
Dear Mr. Velikovsky:

I have read the whole book about the planet Venus. There is much of interest in the book which proves that in fact catastrophes have taken place which must be attributed to extraterrestrial causes. However it is evident to every sensible physicist that these catast- rophes can have nothing to do with the planet Venus and that also the direction of the inclination of the terrestrial axis towards the ecliptic could not have under- gone a considerable change without the total destruction of the earth's entire crust. It were best in my opinion if you would in this way revise your books, which contain truly valuable material. If you cannot decide on this, then what is valuable in your deliberations will become ineffective, and it would be difficult finding a sensible publisher who would take the risk of such a heavy setback upon himself.
I tell you this in writing and return to you your manu- script, since I will not be free on the considered days.
With friendly greetings, also to your daughter,
Your
Albert Einstein

His ideas may well have been provocative, they may well have been interesting, but they were mostly crazy.