In accordance with analysis from distinguished cryptocurrency dealer Jacob Canfield, who plotted out his findings towards a BTC value chart on the favored charting web site TradingView, CNBC’s tweets can be utilized as a contrarian Bitcoin value indicator with as a lot as 95% accuracy.
CNBC: A Contrarian Indicator with 95% Accuracy
Canfield claims that nearly “each single bullish tweet” has been at or close to the highest of almost each BTC rally in 2018. In the meantime, every bearish tweet has represented a reversal of a earlier downtrend.
Within the final week alone, Candield says, CNBC has made three bearish tweets, probably indicating that bitcoin has reached a backside.
Canfield, who operates a every day crypto buying and selling sign web site, says that CNBC themselves have reached out to the dealer to probably be a visitor on one in all their exhibits.
CNBC has been lengthy been seen as a contrarian indicator after famously reporting on how you can purchase Ripple after the cryptocurrency reached an all-time excessive of $three, solely to then report on how you can promote the #three cryptocurrency by market cap after a huge dump to beneath $1 had occurred, on the time signaling the then-bottom for XRP.
Contemplating the accuracy of Canfield’s analysis and the consistency at which CNBC appears to make contrarian calls, let’s hope that CNBC decides that bitcoin is a bust of their upcoming documentary, which may sign the ultimate rally that ends the 2018 bear market.
Bitcoin: Increase or Bust?
As Bitcoin, the main cryptocurrency by market cap and the cryptocurrency that began all of it, reaches a pivotal second in its existence, main American media model CNBC will air a particular 60-minute documentary this coming Monday night time, August 27.
On Monday, August 27, at 6PM ET, CNBC will air a new documentary centered on bitcoin. The documentary, entitled “Bitcoin: Increase or Bust” and hosted by CNBC Quick Cash host Melissa Lee, will probably be a deep dive into the unique peer-to-peer digital money created by the mysterious Satoshi Nakamoto.
In accordance with a press launch, the documentary will discover the “good, dangerous, and the ugly” sides of bitcoin. Matters embrace crypto evangelists, how bitcoin is utilized by escorts within the intercourse commerce business, billionaire enterprise capitalists, crypto revolution anarchists, and rather more.
“This authentic documentary employs popular culture, fascinating imagery and a hip-hop rating (a staple in crypto-culture) because it follows a big selection of fascinating characters, every with their very own passionate argument both for or towards bitcoin.”
CNBC plans to point out either side of the “coin,” together with commentary from bears and bulls alike. This contains what CNBC calls a “riveting and colourful interview” with The Wolf of Wall Avenue, Jordan Belfort, who compares bitcoin to the scams he ran throughout his con man days, in addition to a “chilling tour” by way of the darkish net to let viewers see the customarily unseen felony underworld related to cryptocurrency.