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April 21, 2020

Top Crypto Whale Shorting Bitcoin, Says He’s Bearish on BTC Unless Massive Shift Takes Place

By Daily Hodl Staff

A highly successful trader and crypto whale is betting that Bitcoin will languish in bear territory in the short term.

Joe007, a pseudonymous trader who consistently rises to the top of the Bitfinex leaderboard, says he’s shorting Bitcoin and will continue to do so unless bulls can mount a major rally. The trader highlights the importance of heavy volume in flipping his bearish view.

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“50% organic move up in BTC with decent volume would definite invalidate bearish case. 50%+ shitcoin pump or yet another leverage-driven run-up on razor-thin volume like Jan-Feb, not so much.”

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Joe, who is bullish on BTC in the long run, says he’ll know it’s time to buy when fellow traders are capitulating and nearing an all-out panic on Bitcoin’s future.

As for traditional markets, which have remained closely correlated to crypto since March, the trader says he’s expecting extreme turmoil and volatility to continue.

Meanwhile, the chief investment officer of Guggenheim Investments, Scott Minerd, says he believes another big drop in the S&P 500 is coming.

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“We need to see the other shoe drop. When the markets start to see some of the data on unemployment rising and economic growth and corporate earnings contracting, there will be another level of panic in the market.

The most likely indicators that will coincide with a buy signal would be a sharp rise in the unemployment rate and a continued fall in the ISM Manufacturing Index.”

The S&P 500 closed at 2,823.16 , down ?At time of publishing, Bitcoin is down 4.39% at $6,902, according to CoinMarketCap.

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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 losses 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.