The big Bitcoin whale on Bitfinex is predicting a fierce slump, is he right?

Whale has just moved 83 million USD worth of BTC, whether the market is about to fluctuate?

Joe007 - A Bitcoin whale on Bitfinex and a well-known trader in the cryptocurrency market, has called for a strong correction in the market since $ 9,000. The whale explained that the current bull market has been manipulated by other whales, and the pullback is unavoidable.

Profitable for 6 consecutive months

According to crypto trader Jacob Canfield, Joe007 has been profitable for 6 consecutive months - from August 2019 to January 2020.

On average, traders have earned profits of up to $ 6.52 million per month for the past half year.

Throughout February, Joe007 was assertive in describing Bitcoin's rally from $ 9,000 to $ 10,500 as a case of being manipulated in the form of fake orders.

In margin trading, fake orders refer to fake buy orders placed to lure other investors into the Long order in order to push Bitcoin price up. With the recent boom driven mainly by high leverage orders, the whale said that the action was "irresponsible", and an inevitable pullback would come.

Joe007 to speak:

“You can only push prices to Long with virtual money. At some point, people will want to withdraw their interest insanely just to find no one on the other side of the market. That will be the show. ”

Whales tend to trade on Bitfinex rather than other platforms because the broker only offers a maximum leverage of 3.3x. Compared to 100M to 125x leverage of BitMEX or Binance, 3.3x leverage is not attractive to the majority of individual investors with low capital.

Therefore, traders on Bitfinex tend to trade with a longer-term strategy, as low leverage significantly reduces liquidation.

Up to now - 16 days in February, Joe007 is putting up to 6.7 million USD in a short position. If the price of Bitcoin sustains below $ 10,000 from now until the end of the month, it will result in 7 consecutive months of profit for this whale.

With market sentiment becoming more and more optimistic day by day, the question is whether the rally - originally triggered by fake orders, could develop into a natural rally in the short term. medium term or not.

Is it a natural demonstration of Bitcoin?

Responding to community questions about the possibility that the rally will become natural as prices rise, Joe007 to speak Very simple: "Wait and see."

Some data such as on-chain investment activity from Willy Woo - partner at Adaptive Fund, shows that the demand and interest of retail investors has increased over the past month. The halving event - halving the block reward, is due in May to be a key variable for many traders' predictions about the price trend of the king.

A trader named Satoshi Flipper to speak:

“BTC halving will come in 2.5 months. Don't be indifferent and pretend that it's not a problem and / or should be ignored when you analyze. ”

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According to CryptoSlate
Translated by ToiYeuBitcoin


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