CNBC Trader Bearish On Bitcoin (BTC) – Contrarian Indicator?
Anthony Grisanti, a CNBC client and futures dealer, recently sat down with the "Futures Now" segment of the outlet to talk about Bitcoin (BTC). While arguing that he had no reservations against the cryptocurrency, Grisanti seemed overly bearish on BTC, even though the fundamentals for the underlying blockchain are relatively outperforming.
Grisanti, the founder of GRZ Energy, noted that BTC, an alleged unrelated resource, should have come up when US stocks, like a number of Nasdaq-listed stocks, are sold off. The fact that Bitcoin's bear trend has only seen a short blast (if at all) is a disturbing signal in the eyes of Grisanti, so the trader has noticed that he expects a low level of $ 3,000 to be tested.
In fact, the CNBC host noted that while investors continue to liquidate their holdings, whether through the spot or futures market, BTC could fall to retest $ 3,000, with a break below this relevant psychological and technical level that catalyzes a further sale. He explained:
A reduction of up to $ 3,000 would represent a real weakness in this space. This could be the driver who would let people out of chaos [Bitcoin]and push [the asset] even lower.
Another guest in the segment, Scott Nations, said he "absolutely wants to be polite here", explaining that there is no value in Bitcoin. He explained that the millennials, which is the generation behind much of the cryptosphere, have not seen the asset bubbles, adding that the cryptocurrencies are inflated in value. The nations have noticed that the "glue is coming to an end", explaining that the background is not yet visible.
Funny enough, the apparent anti-Bitcoin comments have sparked controversy in the crypto community, as users have begun to draw attention to the fact that CNBC's reports are often a contra-indicator to the BTC movement. For analysis completed by Jacob Canfield in August, CNBC tweets on Bitcoin could be used as opposed price indicators with a 95% accuracy.
However, it remains to be seen whether the new wave of bearish sentiment of CNBC will be a forerunner of a higher move.
Cryptographic commentators have minimum lows, but a possible rebound
While a number of analysts and commentators are convinced that BTC will fall below $ 3,000, unlike the CNBC trader, they believe that equity will return. And come back with a revenge to that. According to previous reports, Fred Wilson, a leading venture capitalist and co-founder of Union Square, who held shares on Twitter, Tumblr and Kickstarter, said that a large, liquid and durable cryptocurrency fund is unbearable.
However, he explained that before the underlying process works, probably towards the end of 2019, Bitcoin could easily test the annual lows at $ 3,150, potentially breaking down further before a long-term plan is exploited. However, he explained that with the arrival of Ethereum Constantinople, promising projects like Filecoin and Algorand and industry competition, this market will end up entering a "new bullish phase".
Moon Overlord, a respected cryptography trader, recently echoed these comments. The Twitter commentator noted that there is a fleeting possibility that Bitcoin has another "substantial draw-down" ahead of him, citing historical data from the previous 2015 bear season. As the harrowing but also optimistic announcement , "history does not repeat itself, but rhymes." So if historical trends prove to be an accurate indicator, the top cryptocurrency could drop to a minimum of $ 1,700 before another "knock your socks off" rally.
Another expert in the sector, the so-called Dollar Vigilante, said that he expects the prices of the cryptocurrency to have hit (or are approaching) the fund in general. Yet despite his background call, he noted that Bitcoin could remain on a break until the end of 2019.
However, Berwick noted that with the arrival of institutional money (of which he is not necessarily a fan), through platforms such as Bakkt, a potential Bitcoin ETF and the future proposed by Nasdaq, they will completely change the game. As the institutional capital begins to flow, this market will explode en masse, as there are alleged trillions waiting on the sidelines.
Title Image Courtesy of Pedro Gabriel Miziara Via Unsplash