Cryptocurrency whale Joe007, known for challenging the cryptocurrency space’s conventional crypto wisdom and for holding large bearish trades on cryptocurrency trading platform Bitfinex, has criticized bullish price predictions being passed around.
After a two-month hiatus from Twitter that started after bitcoin crossed the $10,000 mark in May, Joe007 came back and has now been pointing his firm at some of the cryptocurrency space’s most bullish predictions. The price of bitcoin, it’s worth noting, has since dropped to $9,050.
Responding to a user pointing out that months ago the cryptocurrency community was relying on a bitcoin price prediction made by a 4chan user who correctly predicted the 2019 price rally, Joe007 sarcastically claimed that instead of using that price prediction, we now “believe in PlanB anon, red dots, phase transitions, and $288K BTC.”
This is preposterous. Progress of CT belief system is relentless. We don’t believe in 4chan anon, his “charts never lie” and his pathetic $87K BTC call any more. We’re civilized people now. We believe in PlanB anon, red dots, phase transitions and $288K BTC. Highly scientific! https://t.co/0FA7v34SVz
— ʲᵒᵉ007 🔴 (@J0E007) July 2, 2020
The 4chan user’s price predictions were correct until July 2019, correctly predicting the flagship cryptocurrency would be trading at $9,200 then. It then pointed to a $16,000 price tag by October 2019, but that month BTC fell to a $7,500 low before recovering to $9,000.
By February of this year the cryptocurrency’s price should be at $29,000, and this month it would be at $56,000. CryptoCompare data shows that none of those targets were hit, as BTC has been struggling to get past the $10,000 mark.
In other tweets, Joe007 claimed that the estimated global derivatives notional value is of $1 quadrillion, 4,000 times the current market cap of the cryptocurrency space, and pointed out that these comparisons are “how false narratives are created.” He added:
Comparing irrelevant metric such as notional value to other doubtful metric such as coin marketcap conjures illusion of inevitable appreciation out of thin air. People look at small orange dot and think “Wow! Such yuuuge growth potential!
Per his words, a looming derivatives crisis is going to hit the markets in the future and the comparison “shows how small our beloved “crypto” puddle is compared to values and financial forces at play in global economy” The crypto whale added that if the crisis starts to play out, crypto will not be immune to it.
When asked where he would put his money in if the crisis started, the crypto whale said gold bars and Tether’s USDt token “until the worst of liquidity crunch is over at least.”
Featured image by Paola Ocaranza on Unsplash
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