Top cryptocurrency whale and popular Twitter user Joe007 says it is shorting bitcoin, unless a massive market shift occurs.
Joe007, who made a reported $20 million in profits during February and March’s market volatility, expects the price for bitcoin to enter bearish territory in the short-term. According to tweets published April 19 and data pulled from the Bitfinex leaderboards, Joe007 is shorting bitcoin with an average short entry around $6,800.
Average short entry around $6800
Just how much does one risk into this short to be this much down on a 5% price swing?
Probably not expecting price to go above $8k$BTC drops from around here, its gonna be ugly
Rhetorical question, btw#BTC pic.twitter.com/kAtSkhBW3S
— Steve North (CEO of BItMex Red Button) (@snorth86293881) April 19, 2020
When asked what would invalidate his short position, the trader responded that a 50% move up in bitcoin’s price combined with “decent volume” would overturn his bearish outlook.
The trader warned against a “leverage-driven” and “razor-thin volume” run on bitcoin’s price as being a false indicator for the bulls.
50% organic move up in BTC with decent volume would definite invalidate bearish case. 50%+ shitcoin pump or yet another leverage-driven run-up on razor-thin volume like Jan-Feb, not so much.
— ᴹᵁᴴJoe⁰⁰⁷ 🐳 (@J0E007) April 19, 2020
Joe007 previously said that a return to the dominant narrative of “bitcoin is dead” would provide the next best buying opportunity for BTC investors.
The whale trader also called the impact of the coronavirus the “biggest economic shock of our generation” and predicted it would have massive implications for the price of cryptoassets.
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
Featured Image Credit: Photo via Pixabay.com
