Crypto Whale Makes Shaking Bitcoin Prediction
The crypto market looks pretty bloody today with the most important coins trading in the red.
Bitcoin fell a lot in price since yesterday, and the most important coin in the crypto market is still trading in the red.
At the moment of writing this article, BTC is priced at $6,229.19.
BTC whale makes a dark prediction
It’s been just revealed that an important Bitcoin (BTC) whale revealed their very own take to the current state of the crypto market.
The trader is called Joe007 and they earned $20 million in profits on Bitfinex from December through January this year.
According to the online publication the Daily Hodl, after remaining quiet in the midst of the global economic fallout, Joe dropped a few tweets mocking the notion that Bitcoin can see a massive recovery called V-bottom recovery.
These happen when a crypto that’s in the midst of a bearish trend is suffering a massive move to the downside that’s followed by a rapid surge – a huge trend reversal.
Joe said the pattern would be unprecedented for BTC, suggesting the trader id doubting that Bitcoin will see a new rally.
“V-bottom recovery to the tune of 3K point up within a week of ‘capitulation’ would be some unprecedented new price pattern for Bitcoin. ‘But this time it’s different!’ – oh, yes, of course. How silly of me to forget…”
The crypto market has been really affected by the coronavirus pandemic just like traditional markets.
Despite the fact that some analysts said that the global crisis will not hit the crypto market as well and Bitcoin was seen as a safe haven.
As you know by now, about two weeks ago, BTC saw a significant price drop and analysts said that the global fears and uncertainty regarding the Covid-19 are among the factors that triggered this downward price move.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.