The crypto whales warn bitcoin traders that the latest BTC rally is overextended and illiquid as the Bitcoin FOMO rally is going full speed as the mining reward halving approaches. Following the latest Bitcoin news, we read what this analyst has to say about the price rally.
The benchmark cryptocurrency has more than 21 percent to log the great week since 2019. The whales think that the latest uptrend came on the back of the poor liquidity that raises the possibility of a major sharp pullback. Bitcoin already surged by more than 21 percent but the Whales warn Bitcoin traders that the ongoing bull run is fake.
A prominent crypto trader who said lost about $20 million from the anti-rally BTC positions, expressed his convictions over the potential bull run and its legitimacy. He called Bitcoin’s upside run as an ‘’organized FOMO rally’’ where the big players are manipulating small traders to enter the market using the Bitcoin halving narrative. He shared the ZeroHedge tweet by Tyler Durden:
“The weekly Bitcoin chart is the definition of an illiquid altcoin. Hilarious cycle it’s been through. My hope is that the halving will financially destroy as many Chinese miners as possible and we can actually have a legitimate bull market instead of this pump and dump movie.”
The Bitcoin halving event will happen on May 12, 2020, which will cut the mining reward of the cryptocurrency by half from 12.5 BTC to 6.25 BTC. The Bitcoin traders are waiting to see whether the newfound scarcity would make Bitcoin more valuable in the near future and some of the popular price predictions were that it could even reach a $100,000 price by 2021.
The sentiment saw Bitcoin’s price recovering from the 2020 bottom after it hit $3,858 and the price closed down to the $9,400 region. the traders are now even more optimistic about an extended upside momentum above the $10,000 ahead of the bitcoin halving. The supply slashing event will bring short-term risks to the community that produces Bitcoin. The miners are going out of business as their dollar-based rewards will get cut in half.
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They will have to sell their newly minted cryptocurrency for some higher rates.
The buying pressure leads the investors and traders face to face with the economic crisis that was brought on by the fast-spreading COVID-19 pandemic.
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