One of most public and profitable crypto whales around says he’s waiting for a single Bitcoin signal to prove the leading cryptocurrency is ready to begin a new long-term bull run.
The pseudonymous trader, Joe007, earned $20 million in realized profits on Bitfinex between February and March. At this point, he says high volatility in traditional markets is likely to continue – a scenario that could push BTC lower in the short term.
With extreme uncertainty in both traditional and crypto markets, Joe says he’s watching to see the return of the “Bitcoin is dead” meme.
Once the chorus of capitulators and naysayers declaring the end of BTC reaches a crescendo, he says Bitcoin will finally be free of shaky speculators and poised for a sustainable rally.
Once it's the dominant narrative you know it's time to buy for real.
— ᴹᵁᴴJoe⁰⁰⁷ 🐳 (@J0E007) April 12, 2020
Meanwhile, Joe continues to warn fellow traders against placing too much faith in the popular stock-to-flow ratio.
Some analysts say the indicator, which models Bitcoin’s circulating supply divided by the number of new coins entering the market, suggests that BTC is set to begin its next massive rally after the halving in May.
Joe says traders need to do their own research.
“Selling S2F as having absolute predictive power is not only ‘waste of time’, it’s dangerous for tens (hundreds?) of thousands of retail crypto trader who don’t understand statistics and substitute DYOR by varied guru dictums…
My beef is with a cult around S2F, with thousands of muppets chanting in chorus ‘S2F is highly scientific!’ as if it’s end-all-be-all.”
Bitcoin is down 4.06% at $6,784 at time of publishing, according to CoinMarketCap.
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/mathieuvandenberk
