Benzinga - by Ivan Crnogatić, Benzinga Editor.
WhaleWire, an account on X with more than 519,000 followers, is going against the tide of bullish price predictions for Bitcoin (CRYPTO: BTC).
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."
Remember…Nobody. Knows. Anything.
Need to start logging these predictions on the blockchain. pic.twitter.com/74XljJMS4I
— Nate Geraci (@NateGeraci) February 10, 2024
Read Next: Ark Invest CEO Cathie Wood Says 'We'd Be Suprised' If SEC Approves 'Anything But Bitcoin And Ether' As Crypto ETFs
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