Just when you least expect it, prominent mainstream news outlet CNBC follows up months of doom and gloom with an optimistic outlook on Bitcoin.
What a Coincidence!
CNBC is somewhat notorious for hating on Bitcoin, regularly referring to the gold-standard of cryptocurrency as, at best, a risky investment. At worst, the news outlet repeatedly paints Bitcoin as a scam, fraud, Ponzi scheme or bubble by continually running stories spelling disaster for the dominant cryptocurrency.
However, immediately after Bitcoin experiences one of its worst weeks since 2013 by dropping below $8,000, CNBC has published an article claiming Bitcoin is in an excellent buying position. Writes trader Bill Baruch:
I am watching a key level at $8,650 and a continued close above that could signal immediate upside potential. The next level of resistance is $10,000, and a break back above that should bring further buying to the table, suggesting near-term upside to $14,500, a 70 percent jump from its current price.
Baruch also mentions that Bitcoin’s trading at $7,700 is “ironic because it is the same level that it broke above and began a parabolic ascent in mid-November.”
From this writer’s perspective, CNBC is essentially telling readers to buy Bitcoin, after feeding their …
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