CNBC Trader: Bitcoin (BTC) At $3,000 Would Cause Panic En-Masse

CNBC Trader Bearish On Bitcoin (BTC) — Contrarian Indicator? 

Anthony Grisanti, a CNBC guest and futures trader, recently sat down with the outlet’s “Futures Now” segment to talk about Bitcoin (BTC). While he claimed that he had no reservations against the cryptocurrency, Grisanti seemed overly bearish on BTC, even though fundamentals for the underlying blockchain are relatively outperforming.

Grisanti, the founder of GRZ Energy, noted that BTC, a supposed non-correlated asset, should have popped when U.S. equities, like a number of stocks listed on the Nasdaq, sold off. The fact that Bitcoin’s bear trend only saw a brief abatement (if at all) is a worrying sign in Grisanti’s eyes, so the trader noted that he expects for the low-$3,000 level to be tested.

In fact, the CNBC guest noted that as investors continue to liquidate their holdings, whether it be through the spot or futures market, BTC could fall to retest $3,000, with a break under this pertinent psychological,…

Read Full Story : Ethereum World News

2019-01-13 01:00:50

Nick Chong

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