- With the bitcoin halving set to occur, the community is anticipating what this event will result in for the industry.
- Despite the anticipation, one bitcoin whale has indicated the halving is already priced in and the price could crash following the reduction.
With the bitcoin block reward halving set to occur in less than 15 days, the community is highly anticipating what this event will result in for the industry and the king coin. Despite the high anticipation throughout the industry, one major bitcoin whale has indicated that the upcoming halving is already priced in and the bitcoin price could crash following the reward reduction.
This will be the third event of its kind to occur for BTC and if history is anything to go off, a powerful rally should follow. This is something that many people in the industry have predicted, but what will actually happen?
Depending on how new you are to the crypto space, you will have most likely heard about Crypto whales.
The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions. So when compared to other financial sectors, the crypto market is pretty small.
One of the biggest well-known bitcoin whales in the cryptocurrency space, Joe007 has indicated that the halving is already priced in and could actually leave the leading crypto coin vulnerable to plummeting rather than spiking.
Writing on Twitter, you can see what the whale said below:
Nooo, of course it's not priced in. On the very day of The Great Halvening, everybody will finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks. https://t.co/wAtitWuZbt— ᴹᵁᴴ𝔍𝔬𝔢⁰⁰⁷ 🐳 (@J0E007) April 26, 2020
Joe007 has predicted to be holding a large bitcoin short position. Going off the data shown by the Bitfinex leaderboard, it indicates that Joe is trading down over $11 million in the past month.