A high-profile Bitcoin (BTC) whale is revealing his take on the current state of the market.
The trader, who goes by the name Joe007, earned $20 million in realized profits on Bitfinex from December through January of this year. After remaining relatively quiet in the midst of the global economic fallout, Joe dropped a series of tweets mocking the notion that Bitcoin is on the cusp of a V-bottom recovery.
V-bottoms typically happen when an asset in the midst of a bearish trend suffers a major, sharp move to the downside that’s soon followed by a rapid rise and overall trend reversal.
Joe says the pattern would be unprecedented for BTC, suggesting the trader doubts Bitcoin is on the cusp of a renewed rally.
“V-bottom recovery to the tune of 3K point up within a week of ‘capitulation’ would be some unprecedented new price pattern for Bitcoin. ‘But this time it’s different!’ – oh, yes, of course. How silly of me to forget…”
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
Meanwhile, full-time crypto analyst and trader Michaël van de Poppe says Bitcoin’s recent rejection at the $6,900 mark is key.
He’s now expecting BTC to once again test the $4,800 range in the month ahead.
“A swift rejection here at $6,900. It can still hang around this area for a bit. If we break back above $6,650, I’m expecting another tap of the $6,900-7,000 area.
However, all-in-all, remaining to expect $5,400 and $4,800 to be tested in the coming period.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alex_Maryna
