Bitcoin’s Rise to $9,000 Was ‘FOMO Rally’, BTC Whale Suggests

Michael LaVere
  • Bitcoin whale trader JOE007 called BTC's recent price rise a "FOMO" rally.
  • The crypto trader's short position has generated more than $15 million in unrealized losses, according to the Bitfinex leaderboard.  

Bitcoin whale and popular crypto Twitter user JOE007 called BTC’s recent rise above $9,000 a “FOMO” rally. 

JOE007, a confirmed bitcoin whale who made a reported $20 million in profit during February and March’s volatility, blasted BTC’s recent price rally as being manufactured and driven by FOMO. 

The bitcoin whale has been vocal about shorting BTC and predicting a price crash post-halving. Earlier in the week, JOE007 posted a tweet implying May’s block reward reduction was already priced into the value of bitcoin. On April 29 the trader published a tweet claiming the recent FOMO rally had invalidated his prediction. He also alluded that BTC’s price jump was the result of market manipulation. 

JOE007 updated his price prediction for bitcoin, calling the short-term bear market no longer valid and saying the mid-term market expectation was uncertain.

According to the Bitfinex leaderboard, the whale trader has accumulated over $15 million in unrealized losses through his short position on bitcoin after the rally saw BTC's price move from about $7,900 to over $9,400 in 24 hours, before the price started correcting again.

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