An influential Bitcoin “whale” in the market does not believe BTC is preparing for a new long-term rally.
“Whale” named Joe007 is a leading trader on Bitfinex. In just about from December to last January, this person was collected $ 20 million in profits.
There have been some cryptocurrency analysts who have speculated that Bitcoin will likely break all-time highs this year, but Joe countered this claim:
Momentum gains will not occur miraculously – they are based on supply / demand imbalances and are supported by in-out and in-stream fiat. Those who do not understand this and see BTC as a miraculous box should not step into the trade path.
Joe said the first thing to keep in mind is the amount of fiat flowing into the cryptocurrency market. But right now, this is not impressive.
“This whale.” shown Tether's market capitalization, the coin is often used as a “sign” of the amount of cash entering the cryptocurrency world.
In fact, there hasn't been much growth [in Tether] since July last year. So it will be difficult to say that we are preparing to enter a new bull market.
At the end of July 2019, Tether's market capitalization was US $ 4.0 billion. It has risen to $ 4.6 billion at the time of this writing, according to CoinMarketCap.
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