Popular bitcoin whale Joe007 has revealed the next indicator for investors looking to purchase bitcoin.
Joe007, who reportedly made $20 million in profit between and March 2020, has been cautioning investors over continued market volatility in light of the coronavirus. In a tweet published April 12, the bitcoin whale said he is looking for renewed interest in the “bitcoin is dead” narrative as a bullish indicator for investment.
Once it's the dominant narrative you know it's time to buy for real.
— ᴹᵁᴴJoe⁰⁰⁷ 🐳 (@J0E007) April 12, 2020
Joe007 previously warned the coming fallout from the coronavirus pandemic would lead to the “economic shock” of our generation. He said the short-term flight to fiat and liquidity would likely have large ramifications for the price of crypto-assets.
It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.
— ᴹᵁᴴJoe⁰⁰⁷ 🐳 (@J0E007) April 3, 2020
The bitcoin whale’s methodology is similar to the Crypto Fear & Greed Index, which uses an aggregation of price and market sentiment. According to the index, times of extreme fear tend to correlate with buying opportunities for bitcoin, indicating the currency is undervalued.
Bitcoin has been trading in the “extreme fear” category since Mar. 12’s market crash.
Featured Image Credit: Photo via Pixabay.com
