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.”
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