Bitcoin Halving Might Not Result In Surge In Price, Crypto Whale Predicts
With one of the most anticipated events of the year, the Bitcoin block reward halving set to occur in less than 15 days, crypto analysts and the blockchain community have started to anticipate how things will turn out for the leading digital asset. Despite high hopes across the world for the cryptocurrency, a significant Bitcoin whale had dropped what might look like the biggest bombshell when he stated that the turn out might not be what people are expecting. The Bitcoin whale said that Bitcoin is already priced in, and after the halving takes place, it would leave a Bitcoin price crash on its wake.
The halving that is expected to take place would be the third of its kind ever to take place, and judging by trends of past events, a mighty surge in the price of the leading digital asset is expected as the days go. Every analyst and crypto enthusiast has predicted the price surge, but what might happen when the halving eventually occurs Depending on how conversant a person is about cryptocurrencies, even a newbie might know what a cryptocurrency whale is.
A crypto whale is known as a crypto analyst or an enthusiast who owns and transacts in large amounts of cryptocurrency because when compared to other financial aspects, the crypto market is small. Joe007, one of the biggest world-known whale, has stated that Bitcoin’s price might go under if the halving occurs because the digital asset is already prices in and could be vulnerable after the halving occurs, which might make a bearish return rather than what’s expected.
Quoting Joe007 on Twitter, he said, “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”. Joe is said to be holding a significant Bitcoin short position with data showing as reported by bitfinex leaderboard that he is trading down over $11 million assets over the past few weeks.
Bitcoin is currently trading above $7,700 and has recorded a massive 12% increase in the last seven days with the great halving day remaining just 14 days to happen. With great and big-time investors choosing to hedge their funds, one can say that the aftermath of the halving might not be what everybody is having in mind.
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