Bitcoin (BTC) Whale Taunts Bulls

A prominent crypto whale Bitcoin (BTC) reacted to bullish predictions, saying it did not believe BTC would rise.

A high-profile Bitcoin (BTC) whale has expressed its views on the current state of the market. Known as Joe007, the trader made a $ 20 million profit in Bitfinex from December to January this year. Relatively quiet in the midst of the global economic turmoil, Joe posted a series of tweets that taunted the idea that Bitcoin was on the verge of recovery with a V-shaped bottom.

Bitcoin (BTC) May Drop

The V-bottoms usually appear when the entity, which is in the midst of a downward trend, reverses quickly after a short rise and reverses the overall trend. This is followed by rapid growth and a complete trend change in a short time.

Looks like everything’s hanky-dory now, the capitulation was finished within a day, V bottom recovery guaranteed, nothing to worry about, like, at all. Very advanced TA says so, and who am I to argue? So we’re going straight to 100K from here, amirite? https://t.co/rvpzrgfnaz

– J7 don’t ? (@ J0E007) March 25, 2020

Joe said he was skeptical about analyst’s thoughts, saying the model did not show a similar trend for BTC, saying that Bitcoin is on the verge of a new rally. Joe explained his thoughts as follows:

V-dip recovery up to 3K setting in a week after capitulation will be an unprecedented new price pattern for Bitcoin. “But this time it’s different!” – oh yes, of course. How stupid I forget…

Meanwhile, cryptocurrency analyst Michaël Van De Poppe said that Bitcoin would peak between the $ 6,900-7,100 level, but could test levels between $ 5,600 and $ 5,800 in the coming days.

$ BTC the #BITCO

Might have another spike towards $ 7,100 to take liquidity, but overall I’m still expecting downside to come.

First area I’m watching is the $ 5,600-5,800 zone.

Equity markets are also in red today + tomorrow is CME futures expiration day. pic.twitter.com/thefmfhxtt

– Crypto Michaël (@CryptoMichNL) March 26, 2020