Amid a significant Bitcoin price rally, reaching a new two-year high of $52,000, a renowned social media account known as WhaleWire has made a startling prediction.
The account, widely followed for its bold statements and news postings, has forecasted a staggering 99.99% chance of Bitcoin falling below $10,000, directly challenging the prevailing bullish sentiment.
Clash Over Potential Bitcoin Price Crash
In a recent post on X (formerly Twitter), WhaleWire has voiced concerns about sustainability and alleged manipulation through fraud and price manipulation. The account accuses mainstream media and self-proclaimed Bitcoin enthusiasts, often referred to as “moon boy scammers,” of perpetuating an upward price narrative to allegedly serve their interests.
However, not everyone is convinced by WhaleWire’s claims. In response to the account’s recent prediction, a user on social media accused WhaleWire of being a liar, citing a previous forecast from August 2022 when the account asserted that Bitcoin would undoubtedly drop below $20,000.
Ironically, Bitcoin did experience a decline below that threshold a few weeks later, lending some credibility to WhaleWire’s track record.
WhaleWire continues to express skepticism and calls out the so-called “Bitcoin maximalists” who exhibit excessive greed and euphoria. The account suggests that recent price movements, including Bitcoin briefly touching $50,000 amid concerns over Tether’s money printing, are deliberate maneuvers to trap bullish investors.
WhaleWire claims that retail investors are now heavily invested in Bitcoin, anticipating further gains, only to be blindsided by a subsequent price rug-pull.
Doubling down on its conviction, WhaleWire has announced that it has increased its short positions, surpassing its $69,000 short. He believes that the ongoing rally will mark the top of what he refers to as the “echo bubble run”, which he originally predicted when Bitcoin was valued at $16,000.
Bullish Optimism Builds
As the Bitcoin price continues its uptrend, a crypto analyst operating under the pseudonym “Mags” has taken to social media to share an optimistic outlook for Bitcoin.
As per Mags’ analysis, Bitcoin is currently trading above the critical 0.618 Fibonacci retracement level on a weekly chart, a feat never achieved in previous cycles before the halving event.
Traditionally, the 0.618 level has proven to be a formidable resistance zone,…
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