Crypto Whale Shorting Bitcoin Unless Massive Market Shift Occurs

Michael LaVere
  • Crypto whale Joe007 is shorting bitcoin and expects a bearish downturn in the short-term. 
  • The traders says a 50 percent move up combined with increased trading volume would invalidate his position. 

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. 

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. 

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. 

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