RATE Group | CNBC as Reverse Indicator of Bitcoin Price ’95 Percent Accurate’
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CNBC as Reverse Indicator of Bitcoin Price ’95 Percent Accurate’

24 Aug CNBC as Reverse Indicator of Bitcoin Price ’95 Percent Accurate’

Posted at 22:50h in Bitcoin News by

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Mainstream media network CNBC has become an unlikely Bitcoin hero this week after an analyst showed its bull and bear forecasts were, in fact, signs the cryptocurrency would do the opposite.

Bulls, Bears, And CNBC

In a submission on TradingView, Jacob Canfield noted how various tweets from CNBC about Bitcoin going higher or lower coincided with abrupt U-turns in the cryptocurrency’s price direction.

“Almost every single bullish tweet we’ve seen has been at the top of nearly every single rally, giving us a very strong sell signal. With every bearish tweet we see, it has been a clear indicator of a short reversal and end of a rally,” he summarized.

CNBC is one of the more vocal mainstream outlets on Bitcoin, featuring daily coverage of price movements and related events. It also has dedicated hosts, including investment manager Brian Kelly, hinting about when to buy. The network also controversially, late last year, published a series of tweets endorsing altcoin Bitcoin Cash…

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