Zinger Key Points
- A heavily followed X account forecasts a 99.99% chance Bitcoin falls below $10,000 again, going against bullish predictions.
- However, the account has a history of consistently bearish calls, with analysts noting that no one truly knows the market's direction.
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WhaleWire, an account on X with more than 519,000 followers, is going against the tide of bullish price predictions for Bitcoin BTC/USD.
There's "a 99.99% chance" that the world's largest cryptocurrency by market cap falls below $10,000 again. Why? The rally is unsustainable and artificially propped up by "fraud and price manipulation," the crypto newsletter warns.
The "moon boy scammers" would not admit this since "their entire life depends on prices going up," the account stated.
In another post, WhaleWire — which boasts over 260,000 subscribers to its newsletter — points to a "Tether money printing spree" as the reason behind Bitcoin's rally.
This has "retail heavily loading into BTC," which prompted the account to increase their short "substantially." The top of the "echo bubble run" is to follow soon.
But is this influencer, who has previously spoken of a "Bitcoin cartel working behind the curtains," credible or clickbait?
Read Also: Bitcoin, Ethereum, Dogecoin Surge Despite Hotter-Than-Expected US Inflation
Cryptocurrency veterans would label WhaleWire a "permabear" — someone constantly predicting price to go lower:
- A Jan. 22 post predicted Bitcoin to tumble "soon" below $40,000.
- A post from July 2022 announced Bitcoin under $10,000 "WILL" happen.
- Posts on the website alternatively speculate about ETFs triggering "one of the greatest wealth destructions in Bitcoin's history" or discuss why "we are still in the early stages of a bear market."
Amusing as it may be, it ties into the advice of former Ark Invest head Chris Burniske: don't blindly follow others and beware of crystal balls. ETF Store president Nate Geraci, a widely-followed ETF analyst, aptly put it like this: "Nobody knows anything."
Remember…
— Nate Geraci (@NateGeraci) February 10, 2024
Nobody. Knows. Anything.
Need to start logging these predictions on the blockchain. pic.twitter.com/74XljJMS4I
With Bitcoin cracking $51,000, WhaleWire's bearish prediction — just as that of Jim Cramer — is unlikely to come true soon.
Photo: Shutterstock
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