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CNBC contributor, investor and trader Anthony Grisanti has mentioned in a recent video that he is shorting Bitcoin with $8,900 being the target.
Grisanti talked about his trade setup in a recent interview on CNBC, stating that "Bitcoin is actually suffering as Libra kind of lifts up a little bit", comparing Bitcoins's price action to the recent Senate hearing with Facebook's Libra project.
Grisanti gave his short trade, calling for a $9,890 entry with a target of $8,900 and setting a stop loss at $10,500 saying "I think the market is going to have a hard time getting above that"
When asked if he thought Bitcoin's price action was related to Libra's Senate hearing, even after the interviewer states that they are both two different products completely that are "being lumped into the same conversation", Grisanti commented saying "I think the Libra Coin is ultimately going to have a lot more transparency than the Bitcoin"
Grisanti continues by saying that traders will want to go where there is more transparency and backed by companies, while saying "the backing of it (BTC) is questionable, some of the other things that happen with Bitcoin are questionable"
With Facebook's Libra tipping the crypto scales, is the bitcoin boom over? Here's how @AnthonyGriz is trading CME bitcoin futures pic.twitter.com/Y4dsBS4YRu
— CNBC Futures Now (@CNBCFuturesNow) July 16, 2019
While some of what Grisanti is saying about Bitcoin does not seem accurate, his trade appears to be playing off correctly currently. However, CNBC has become a meme for making BTC price predictions in the past and having the complete opposite happening. Crypto twitter commented on the video calling this a buy signal.
Buy buy buy!!!
— Sir Gordon Gekko (@gordongekko369) July 16, 2019
Buy signal !
— Warner Urban🌀 (@WarnerBrosUrban) July 16, 2019
With all the respect for the trader, he has no idea what is the difference between libra and bitcoin. His trading tips might be valid but the arguments are very poor. How he can go on public television with such a rhetoric 😂
— Teodorescu George (@teodorescugeo76) July 16, 2019
How the f do you call Facebook more transparent?
— Jake Shilly (@JakeShilly) July 16, 2019