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BTC whale predicts price could crash post halvening

A major Bitcoin whale has suggested that the upcoming BTC halving is already priced in, and BTC price could crash after the h
A major Bitcoin whale has suggested that the upcoming BTC halving is already priced in, and BTC price could crash after the halvening event.

The third Bitcoin block reward halving is set to occur in two weeks of time, and a strong rally usually precedes this halvening event that many have long forecast would bring the leading cryptocurrency to a new all-time high. But a major BTC whale, Joe007, has suggested that BTC halving is already priced in, and the price could crash post halvening.

The block reward post halvening would be reduced from 12.5 BTC to 6.25 BTC.

BTC whale is holding a large short position and expects the price to fall.

In a sarcastic tweet, Joe007 wrote that “No, of course, it’s not priced in.” He replied to a question asking whether the BTC halving is priced in or not. He added that on the very day of The Great Halvening, everybody would finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks, he further added. The BTC whale is estimated to be holding a large Bitcoin short position, according to the data from the Bitfinex leaderboard. The data shows that the trader is down $11.3 million in the past month. The whale is holding a large short position and expects the price of the leading cryptocurrency to decrease in the short-term.

Bitcoin hovers around $7,700 mark as halvening event approaches.

At the time of writing, the price of bitcoin is trading just above the $7,700 mark. The price is up over 12% in the last seven days as the halvening event is scheduled to take place 14 days from now. Reportedly, billionaire investors like Marc Cuban, Carl Icahn, and Paul Tudor Jones are moving towards cash, hedging their positions anticipating big downtrends to arrive in the stock market in the near future.

The price of Bitcoin is also hovering at a multi-year resistance area between $7,700 and $8,300. Despite the imminence of the halving, a rejection of Bitcoin at a key level of $8,000 could lead to a strong market pullback, as seen in late 2019.

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