CNBC's Ran Neuner: BTC dip "is not unexpected"

17 May, 2019
by David Robb
Opinion
CNBC's Ran Neuner: BTC dip is not unexpected

As Bitcoin's price rally has gone rapidly into reverse over the past 24 hours, many are calling the return of the bear market. CNBC host Ran Neuner had already predicted this dip, but he believes we are "still very much in a bullish cycle".

A few days ago, as Bitcoin was holding above $8000, @cryptomanran posted on his Twitter that the new bull run was going "too fast". He urged traders to be cautious, suggesting that a retracement may be around the corner.

This prediction now seems to have been borne out, and Neuner's analysis that the market is "overbought" leads him to suggest that the price will continue to fall to below the $7000 level. However, once this happens he claims he will start to accumulate again, as we are still probably in the midst of a bull market. 

Some observers on Twitter claimed that market manipulation was a more accurate summary of what's happening than a price dip. Others took issue with Neuner's honesty about his own analysis, as he apparently changed his prediction to $7000 from $7200 in response to BTC price activity. 

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