Is this the top? CNBC tips five months of Bitcoin upside

“This is the death knell of Bitcoin. It was fun whilst it lasted. $3K here we come.”

A bullish Brian Kelly of CNBC’s Fast Money said today that Bitcoin’s gains may extend to a full year after the halving — which many members of Crypto Twitter immediately took as a major sell signal.

In a Nov. 12 interview on CNBC, Kelly said to host Melissa Lee that the surge of high-profile, and institutional, investors moving towards Bitcoin (BTC) could mean a bullish future for the cryptocurrency. Asked for a price prediction he instead said:

“There’s a lot of scope for upside. Most of the gains that come are the year after the halvening, and we’re seven months into that year after the halvening, and Bitcoin’s doing what it should do.”

Lee concluded: “So there could be five more months here of pretty good upside.”

Rather than being delighted at mainstream coverage and bullish price predictions, Twitter users were quick to joke this meant the bull run was over, following a theme that has been circulating among Bitcoiners since 2017: always do the opposite of what CNBC suggests.

Bitcoin bounces back! The cryptocurrency broke above $16,000 today for the first time since 2018 as investors jumped back into the trade. Bitcoin Baller @BKBrianKelly looks at what could fuel the bullish boom. pic.twitter.com/6cUegXrhPW

— CNBC’s Fast Money (@CNBCFastMoney) November 12, 2020

“If these two are telling people to invest, it’s time for us to sell,” said Twitter user MrDecentralized.

“This is the death knell of Bitcoin,” said Crypto Emporium. “It was fun whilst it lasted. $3k here we come.” Blockroots founder Josh Rager implored CNBC to: “DELETE THIS TWEET.” Others expressed their thoughts in memes, three-word responses like the “top is in” — and disapproval that the “free ride” was over.

Many CNBC predictions on the crypto asset have proven to be less than reliable over the years. In March 2018, after Bitcoin fell under $10,000, the network tweeted that it was a “buy sign” for the crypto asset. Bitcoin then fell to under $7,000 by April. 

At the time of publication, BTC is priced at $16,430, having risen 4.9% in the last 24 hours.