Bitcoin

The Bitcoin whale “loses” $ 20 million, predicting a BTC crash, and changes its mind on asset valuation

Joe007, one of the most important Bitfinex whales, He “lost” $ 20 million because he believed that the halving was already listed and that the value of Bitcoin would fall until it halved and not increase.

One of Bitcoin’s best-known whales, Joe007, who is considered one of Bitfinex’s top traders, has “lost” $ 20 million for not believing in a short-term rise in the BTC price and predicting that the halving was already set when the price struggled to maintain $ 7,000.

The great bitcoin whale, which in March made around $ 10 million in just 5 minutes from trading strategies at Bitfinex, He had stated that he did not believe that the price of BTC would trigger a bullish rally, and for that reason he is currently facing a monthly loss of $ 20 million in short positions at BTC for April.

The Bitcoin whale “loses” $ 20 million, predicting a BTC crash, and changes its mind on asset valuation
The Bitcoin whale “loses” $ 20 million, predicting a BTC crash, and changes its mind on asset valuation

Joe007 had said that he did not believe prices would rise and therefore believed his positions to decline. “On the same day as the “Big Halve,” everyone will finally realize how low the price of BTC is, and everyone hurried to buy it. en mass. With unemployment checks“he said somewhat satirically, noting that there would be a big drop with halving rather than a bullish move as the price of BTC was already in the $ 7 million range.

Only two days after this declaration, on April 29th and 30th, BTC saw an increase of more than 20 percent, which brought the leading cryptocurrency in the market from $ 7,000 to over $ 9,000.This caused Joe007 to change his mind and caused a bitter “loss” of more than $ 20 million.

“”I was wrong, it definitely exploded in the short term“He said on Twitter, but emphasized that he is still not sure how Bitcoin’s price will behave in the medium term, that is, after halving.”In the medium term, it is still uncertain“he said.

The whale believes that after halving and with the continuing effects of the coronavirus on the economy “Weaker” traders should start selling their crypto assets for fear of this uncertain future. This could lead to a large liquidation movement and thus “switch off” the “unstable speculators” and let the defenders of the sentence reappear “Bitcoin is dead”.

For him, at this very moment when the market is killing “weaker” traders, Bitcoin will have a clear way to initiate an upward trend.

“Once the story” Bitcoin is dead “begins to grow, it’s time to really buy,” he said.

Anyone who does not believe that the price of Bitcoin will continue to rise sharply with the expectation of a halving is the analyst Joseph Young, who You noted that the BTC chart shows a sequential TD9 that is a trigger sell signal when the price of an asset rises nine days in a row.

For example, in the daily period, Bitcoin’s price closed at $ 7,125 on April 19. From April 23 to May 1, BTC held over $ 7,125 for nine consecutive days, resulting in TD9.

“Historical data show that The TD9 signal usually leads to a 12-20% drop in Bitcoin price in the short termSaid Young.

Young can be wrong, however, since the last few days Bitcoin has completed more important valuationsThis has resulted in the cryptocurrency remaining above the laterally maintained prices.

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