See More

CNBC Bullish on Bitcoin Again, Local Top May Already Be in

2 mins
Updated by Max Moeller
Join our Trading Community on Telegram
CNBC has switched bullish on Bitcoin again. If history can be used as a guide, it might mean that the local top is already in.
Throughout 2018, it became apparent to many analysts that counter-trading CNBC’s cryptocurrency calls was a viable strategy. The media outlet has now, once again, turned bullish on Bitcoin — and it may be a sign that a correction is in the cards.

Counter-Trading CNBC

Trader Jacob Canfield pointed out the strategy in April 2018 which generated significant buzz in the cryptocurrency world. It was simple — counter-trade all of CNBC’s calls. He claimed then that “almost every single bullish tweet we’ve seen has been at the top of nearly every single rally.” Throughout the bear market of 2018, CNBC became notorious for making some of the worst calls in the market. Since then, CNBC calls have become something of a meme and inside joke among cryptocurrency traders on what not to do. Given CNBC’s lackluster track record, many cynics are saying that its most-recent call could be counter-traded. The media outlet is now calling for a $16,000 price for Bitcoin by the end of the year.

CNBC Completely Inconsistent on Bitcoin Calls

CNBC’s opinions on Bitcoin’s future price movement have frankly been all over the place. For example, BeInCrypto reported in August 2019 that CNBC correspondent Joe Kernen argued for a Bitcoin price of $55,000 before the next halving. Of course, this could end up still being true, but the odds of that happening are slim to none. CNBC CNBC has a wide array of analysts, so it’s hard to demarcate any consistency among them. Oftentimes, the calls are outrageous just to generate clicks. However, traders can nonetheless still use them as a metric on which to judge market sentiment. As Canfield has shown, analysts generally come late to the party and it’s a sign that we may have topped out in a given cycle. However, we should bear in mind that past performance is not indicative of future performance. CNBC calls could take a turn for the better in 2020, but that still seems unlikely given the poor track record we’ve seen in both 2018 and 2019.
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Anton_circle.jpg
Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
READ FULL BIO
Sponsored
Sponsored