Is The Much Expected BTC Halving Event Giving False Hope To Investors?

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Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • A recent statement made by one of the top-ranking Crypto Whale of the Bitfinex leaderboard is that those expecting a quick profit from the BTC Halving are going to end disappointed at the end of the day.
  • He stated that in a market this thin, the price can either pump up to $20k or dump down to $2k.
  • He concluded his views on the topic by emphasizing that tactics like spoofing.

A recent statement made by one of the top-ranking Crypto Whale of the Bitfinex leaderboard is that those expecting a quick profit from the Bitcoin Halving are going to end disappointed at the end of the day. The trader who made such a remark goes under the pseudonymous name Joe007.  He further added that as the BTC halving is approaching, the cryptocurrency is being overhyped with expectations.

However, as they say, expectations lead to disappointments. According to him, the saying applies precisely in the present situation. As the trader believes that the event resulting in a significant hike in the supply by 50%, will turn out to be a huge disappointment. Especially to those looking forward to harvesting from the immediate wave after the halving executes on May 12th.

A thin market

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In addition to that, the whale further stated that the Bitcoin continues to rally on razor-thin volume. And this has apparently left the trader unconvinced that retail demand is strong for a sustainable rally. In other words, he stated that in a market this thin, the price can either pump up to $20k or dump down to $2k. Thereby, this is a prediction prominently based on the fluctuating characteristics of BTC.

Apart from these remarks, he added that Tether Limited’s increasing printing of USDT is a consequence of savvy traders selling their BTC. Forbye, leaving Tether with no choice but to mint more tokens.

Bitcoin Halving: An illusion of demand

Nonetheless, this isn’t a first instance the whale has pointed out low volume as the basis for his lack of Bullishness. Wherein the traders place large buy orders without intending to actually fill them. But however, they run rampant to create the illusion of high demand.

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