The Bitcoin news now show that the third Bitcoin (BTC) halving ever is going to occur in 14 days and as the block reward halving date nears, the event is usually preceded by a powerful rally which could bring the digital asset to a new all time high. One BTC whale thinks that the price of the dominant coin is already priced in, which may leave Bitcoin vulnerable to a crash.
According to the analysts, the opinions are split between a rally and a downtrend. However, the BTC whale Joe007 who holds a substantial amount of BTC recently spoke about this and said:
“No, 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.
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In droves. With their unemployment checks.”
Joe007 is estimated to be holding a large Bitcoin short position, according to data shown on the bitfinex leaderboard. This indicates that the trader is down $11.3 million in the past month. Given that the price of the cryptocurrency has increased to around $7,700, it shows that this whale is holding a large short position and expects BTC to decrease in the short-term.
The Bitcoin block reward halving is basically a process which decreases the amount of BTC generated by miners. It happens every four years and the BTC whale thinks that even though the coin has potential to grow, this time the price of BTC is “already priced in.”
What is very noticeable in the cryptonews lately is how the mining industry prepares for the halving. They have spent at least 12 months out by establishing strong cash-buffers and negotiating with electricity service providers in order to try and decrease the cost of mining.
In the near term, however, we can’t see one single reason to anticipate a sudden surge in the price of Bitcoin simply because the halving is approaching. Anyways, the lighting Bitcoin price performance is still on, as the dominant coin BTC is above $7,760 with positive sentiment in the news today.
If this trend continues, we will likely see the $8,000 level for Bitcoin.
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