CNBC ‘Reverse Bitcoin Price Indicator’ Hits Bullseye Again

Less than a week after CNBC forecast an $8000 Bitcoin price, the largest cryptocurrency tumbled close to $6000, leading to ridicule from commentators.

‘$8K Could Be Next’

In another instance of the network proving itself as a so-called ‘reverse price indicator,’ its predictions for BTC/USD 00 completely contrasted with short-term reality, the pair going on to lose almost 13 percent in less than 24 hours.

As Bitcoinist previously reported, cryptocurrency traders had become aware of CNBC’s miscalculation of Bitcoin’s short-term behavior, with one even earning an invitation to speak on the network after publishing the ‘reverse indicator’ theory.

Now, Reddit users wasted little time in pointing out the ‘accuracy’ of a tweet from August 28 by CNBC Futures Now.

“The prophecy was fulfilled,” one response reads after u/tedjonesweb posted a combined image of the tweet with a chart of BTC/USD a week later.

“The CNBC reverse indicator was right,” the user…