CNBC goes bearish on Bitcoin

[1Referee]

If you take anything these charlatans say seriously, you need to rethink how you're processing information.  My advice is to stop watching these garbage news sources and look for ones that at least do some fact checking before they report on things.

The trick here is to not take anything these mainstream bobos say seriously. In all cases, especially when it comes to CNBC, they have turned out to be perfect counter indicators. During certain events I short their bullishness, and long their bearishness. The easiest money making opportunities were the consensus event and especially the BAKKT announcement, which CNBC was extremely bullish on, not just somewhat bullish.

I remember them saying that when Asia would wake up (as if traders regardless of where they are located are ever sleeping) and they process the BAKKT news, the price would jump up significantly, and when Asia 'woke up' the price tanked hard.

In the end, all news outlets try to sell your garbage and rehashed information, it's their nature. It's up to everyone here themselves to go straight to the source to consume the most important developments in the world of crypto.

[d1ceplayer]

They tweeted this recently. The dude with glasses that's always on the Fast Money show, I don't know his name but you should know who im talking about... the guy that's always bullish, well turns out now he's being bearish and predicting lower prices.

The fact that CNBC is as mainstream as it gets and they are going bearish makes me thing that the capitulation final stages may finally be at play. When these guys tell you to FOMO is usually the opposite, now they are telling you to sell. When the casuals start hating bitcoin is when things are looking good. This may be it.

I would not really pay so much attention to what CNBC is giving as an advice and would rather just focus on what the market is telling me. Sure, there may be no doubt that we could see the market go lower towards 5950, but preferably, will want to see price actions first and how the market reacts before then, which is the reason I do not fancy Futures anyway.

Just like you said, when they tell you to FOMO, the best is to run and when they tell you to go bearish, it is better you start buying, I have always learned that going the opposite lane from the mainstream media always pay a lot at the end of the day.

[manismanja]

I hope this is one of the good news that can trigger an increase in bitcoin prices and make the price of bitcoin back to a very expensive price.

[GregH37]

We are forgetting that cnbc or bloomberg or any of the "media" doesn't really have to be against bitcoin.

Whenever they say something bad about bitcoin we go out and say they are favoring regular fiat currency and regular financial stuff like forex and stocks and derivatives but you are forgetting that they are media. Media gets paid from watchers, the more watchers they have the more money they make, also they get paid by companies to say stuff they want them.

Hence, if bitcoin one day gets big enough to make them watched more and get paid more than media companies like CNBC will be favoring bitcoin and praising it.

[futile-resistance]

First mistake you made:  watching mainstream financial news.  It isn't news, it's noise.  They make their money by continuous blabbing about money matters, and it doesn't even matter if what they're saying is true.  They thrive on rumors, because they know people's ears prick up when they hear a bunch of bullshit that wasn't verified and couldn't possibly be true.

If you take anything these charlatans say seriously, you need to rethink how you're processing information.  My advice is to stop watching these garbage news sources and look for ones that at least do some fact checking before they report on things.

A really terrible mistake indeed and not just some mainstream media news, news from CNBC. That is like the home of bullshit when it comes to news. As long as they will just keep spotting rubbish for their own favor, they will keep doing so and I wonder how they are still getting credibility with people still paying attention to whatever comes from them.

I guess it is obvious that as they have decided to go bearish, the market is already doing great with an attempt towards $7k or thereabout and anyone who has followed this shitty news, would have had themselves to blame.

[exstasie]

Lowstrife has been tracking the win/loss ratio of CNBC Futures Now contributors, including people like Brian Kelly and Tom Lee. They're sitting at a 45% win rate, so I wouldn't rely on their calls too much.

It's a pretty small sample, but it gives you some idea how much credibility you should give these forecasts. Take them with an extra large grain of salt.

[aardvark15]

They tweeted this recently. The dude with glasses that's always on the Fast Money show, I don't know his name but you should know who im talking about... the guy that's always bullish, well turns out now he's being bearish and predicting lower prices.

The fact that CNBC is as mainstream as it gets and they are going bearish makes me thing that the capitulation final stages may finally be at play. When these guys tell you to FOMO is usually the opposite, now they are telling you to sell. When the casuals start hating bitcoin is when things are looking good. This may be it.

I have to somewhat agree that the chart for Bitcoin seems bearish right now. I know that's not what we want to believe, but a descending triangle is a bearish signal. Charting is not an exact science and I am definitely no expert, but I have been following several supposed experts (not CNBC) and they are mostly saying that the chart is still showing to be bearish until it proves otherwise.

At some point there has to be a breakout in one direction or the other. I think if the price drops, it will be a good time to buy more Bitcoin.

[adaseb]

I think CNBC goal is to get more viewership and not much else.

I highly doubt the people mentioned actually end up taking those trades live. They either are demo trading or trading with a very small account.

The reason why they talk about Bitcoin so much is because its very hot right now and people are bored of stocks. So they started including Bitcoin and other Cryptos in their programs just to get more viewership. Basically audiences of younger ages are now watching CNBC compared to just old dudes with big pensions like a few years back.

And their method seems to be working. Look how many followers their Twitter account has.

[KrishaBitcoin]

I don't think they are sounds bias at all as we all knows that Bitcoin price is really unpredictable that not all the times that their news are all in favor of Bitcoin because if they do they it will make them bias and unreliable therefore we should not accused them of being bearish as i always read of some of their news are supporting Bitcoin market.  

[figmentofmyass]

I have to somewhat agree that the chart for Bitcoin seems bearish right now. I know that's not what we want to believe, but a descending triangle is a bearish signal. Charting is not an exact science and I am definitely no expert, but I have been following several supposed experts (not CNBC) and they are mostly saying that the chart is still showing to be bearish until it proves otherwise.

i hear that. descending triangles are considered bearish, but it's definitely not guaranteed to break down. per thomas bulkowski’s backtesting, they break down less than 2 out of 3 times:

Breakout: Can be in any direction but is downward 64% of the time.

plus, it doesn't seem like a proper descending triangle to me since the bottom isn't horizontal. it's more like a wedge, given the lower low in june. the falling wedge is a bullish pattern.

we'll just have to wait and see which way it breaks.

[justspare]

Well, now it will go up.

That simply shows the level of bullshit that the mainstream media dishes out to the community who wants to listen or view the bullshit they have to always say.

CNBC has been a platform where I believe people should know by now that, doing the opposite of whatever comes from them is always going to be the best. In fact, probably, I might start using them as an indicator soon, which is to go bullish whenever they say bearish and go bearish whenever they are beginning to call unnecessary moon. I just some see some media outfit using their platform to either generate FUD or FOMO for their own gain.

[Pursuer]

plus, it doesn't seem like a proper descending triangle to me since the bottom isn't horizontal. it's more like a wedge, given the lower low in june. the falling wedge is a bullish pattern.

we'll just have to wait and see which way it breaks.

I don't think the pattern looks like anything anymore!
we have already left the intersecting two lines (whether the tip of a wedge or a the tip of the descending triangle) and price has been sticking mostly to that bottom horizontal line and another somewhat horizontal line on top making it into more of an accumulation phase.

[beerlover]

I would say this is the biggest buy signal you can get.

CNBC over the years have always been known to go the opposite way of the market and the last place anyone would even want to seek trading advice from, then definitely a biggest buy signal indeed .  I remember how they were preaching FOMO during the bulls, coming up with reasons for users to keep buying and joining FOMO. I have known over the years that as long as you want to stay safe, just follow trends and know how you want to deal with it, but listening to mainstream media and most especially the likes of CNBC is one thing I would not even advise my enemies to do.

price has been sticking mostly to that bottom horizontal line and another somewhat horizontal line on top making it into more of an accumulation phase.

Yes, these sustaining prices are clearly indicating that. In my observation, when prices are calm and persisting within some range then it will jump toward the upper side. Until $6200 and $6700 is holding then we expect testing of $10k at any time, the next big psychological resistance levels.

[cellard]

When the casuals start hating bitcoin is when things are looking good. This may be it.

We are still missing the most important signal.
We still need Kwuckduck tell that Bitcoin is heading to 0. Only then we can be sure the bullish trend has started.

The kwuckduck permabear indicator can be misleading. He will always tell you it's going down, so you can't really extract any value from his predictions, other than a laugh. My advice is to avoid the duck at all costs, as well as avoid the llamas

I think im going to start believing 6k is the bottom, it just keeps resisting, we should have break it by now. Perhaps we'll have a couple of months of sideways action before people's brain click and realize they are missing the god damn bottom for the most important asset ever.

[zazarb]

So if  I am understand correctly this man from  CNBC never said the correct predictions, so in a funny way, you can say that now is the best time to invest.

[Idrisu]

Doing your personal analysis before investing into cryptocurrencies market is very important instead of depending on those FOMO and FUD created by cnbc.  I think market do behave in the opposite of this guy predictions and speculators .

[timerland]

Would anyone be surprised if the markets see just the slightest bit of bullishness all of a sudden and these mainstream media outlets start calling the next bull market? It's the same logic in the bear market.

All that I can see from this is that when they are bearish, it usually means that prices have already tumbled low enough that a recovery could be coming soon.

They always need sensationalist headlines and follow the market sentiment. Their analysis is honestly not even worth looking at. Bitcoin could tumble down further in the short term given that $6k support doesn't hold up, but given a year, I wouldn't be surprised if the next recovery starts.

[dothebeats]

Meh, I'd never trust anyone from mainstream media for cryptocurrency predictions, knowing that these guys from CNBC has a reputation of giving the worst advice in a given moment. Might as well stock up and buy whatever I can rather than dump my coins now. Usually when these guys post their own prediction and thoughts about the market, it always goes the opposite direction.

This might not be the best time to buy but still I'm buying, just because of the dude's reputation on predicting market movements (lol).