Bitcoin Bitfinex Whale: BTC's recent $ 9,850 rally has been manipulated and unsustainable

Joe007, a whale famous for its huge size transactions on Bitfinex, implies that the recent rally of Bitcoin to $ 9,800 has been manipulated.

According to Leaderboard Bitfinex, Joe007 has been trading for $ 68 million in the past week alone.

Why was the rise of Bitcoin manipulated?

Since the price of Bitcoin is around $ 8,300, large platforms like BitMEX will see fake orders appear. A forged order refers to a temporary, large, often irregular order that drives the market and leads a short-term rally.

Every time the Bitcoin price checks an important support level, a large fake order appears and continues to push the market up. Below is an example of a fake Bitcoin order for the past week.

When asked about fake orders that pushed the market up significantly in a short time frame, Joe007 said the market never learned from it.

“Because people don't think for themselves, don't bother collecting and analyzing orthodox sources and just trying to lead the whole pack (mostly imaginary). The manipulators take advantage of every advantage they have. ”

Earlier in the week, Joe007 suggested that there wasn't enough fiat to flow into the Bitcoin market to describe the recent boom.

Being manipulated doesn't mean the Bitcoin rally will stop

Even if the basis of the rally is based on manipulation of large fake orders, that does not mean the rally cannot sustain for a longer time.

Historically, both pullback and rally have lasted longer than analysts expected, and a market peak may extend to the point before it begins to correct. What's more, manipulation from whales can help spur a fake rally but if retail investors start getting involved in the middle of that process, it can quickly turn into a real demonstration in Mid-term.

Joe007 noted:

“Cryptogamblers hold tens of billions worth noting in shitcoin and somehow still expect someone to pump them up + 1000%. Where do you think the money comes from to guarantee your crazy profits? There doesn't seem to be enough fiat flow to pump BTC. ”

The cryptocurrency market currently revolves around the highly anticipated Bitcoin halving that will take place in May.

As such, the possibility that an attempt to manipulate the Bitcoin market during a short-term uprising by whales could actually turn into an organized rally.

26,000 BTC have been locked for 1 year

In 2019, more institutional investors are turning their attention to Bitcoin, as the crypto winter ends and BTC reaches a high of nearly $ 14,000 in 2019. A number of well-known investors have done it all. power to tell the world about Bitcoin and cryptocurrencies on TV.

Among them is the co-founder of Morgan Creek Digital, Anthony Pompliano, who has repeatedly guested on CNBC and discussed Bitcoin with rivals.

A Reddit user has published a post, which shows that by the end of 2019, institutional investors bought around 26,000 Bitcoins through the Grayscale Bitcoin Trust (GBTC) and locked BTC for one year.

Up to 26,000 Bitcoins was bought by people through just GBTC - Grayscale Bitcoin Trust - only in last 4 months. These coins are locked for one year too. from r / CryptoCurrency

This means that 26,000 BTC will not be released anytime soon ($ 253,843,980). Moreover, there may have been more Bitcoin purchased by institutions through other hedge funds.

Whales are active when Bitcoin approaches $ 10k

Now that BTC is trading in the zone of $ 9,778, the whale becomes active and begins to transfer its holdings between the cryptocurrency wallet and the exchange.

On February 6, Whale Alert reported that a whopping $ 2.4 billion of Bitcoin was moved between several anonymous wallets. A portion of that money has been deposited to the Bittrex exchange.

Today, on February 7, this account also reported that another 23,968 BTC ($ 233,742,362) were moved between unknown wallets.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


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