This Bitcoin Indicator Uses CNBC Tweets to Predict Price Action and Next Major Crypto Rally
Bitcoin traders are trying to gauge the market before the US Securities and Exchange Commission makes its next decision on yet another Bitcoin ETF proposal.
In this Bitcoin (BTC) indicator, bullish and bearish tweets from CNBC’s Fast Money are used to chart Bitcoin price action. Covering cryptocurrency trends, the show regularly features market analysts and experts. Jacob Canfield, a trader and investor, says he wanted to test the theory that “CNBC is a good contraindicator”. According to his data, a major rally is on the way.He explains,“After back testing what I like to call the ‘CNBC Bitcoin 4.90% Indicator,’ it is giving us a clear buy signal in this new range. Almost every single bullish tweet we’ve seen has been at the top of nearly every single rally, giving us a very strong sell signal. With every bearish tweet we see, it has been a clear indicator of a short reversal and end of a rally.”#1 – 90% return. #2 – 26% return. #3, #4 #5 – 34% return.”