CNBC’s cryptocurrency analyst Ran NeuNer is no stranger to bold statements about bitcoin. Last month, he said bitcoin was about to “explode,” claiming he was loading up on the cryptocurrency for his parents.
But his most ambitious statement, made in February 2018, was that bitcoin would surge to more than double its all-time high by the end of the year.
He even pinned the tweet:
That pinned tweet has now been replaced with a new one backtracking the price prediction:
After phenomenal excitement at the beginning of the year, bitcoin has entered a deep bear market with the price sitting almost 70% down from its all-time high.
The bitcoin price is little changed this week, trading in a small range just above $6,300.
Time to Quit the Crazy Price Predictions?
Neuner wasn’t the only one with ambitious price targets for bitcoin. Infamous bitcoin bull Tom Lee still maintains his $20,000+ target for the end of the year. Lee’s fund, Fundstrat, has predicted that bitcoin will hit $64,000 at some point in 2019.
As bitcoin continues its protracted cool-off period, NeuNer might not be the only one retracting his wild price predictions.