Top Bitcoin Whale Is Bearish on BTC Until Massive Upturn Occurs

A highly successful trader and crypto whale states that Bitcoin (BTC) will remain in bearish downtrend in the short term.

Joe007, a pseudonymous trader who often appears at the top of the Bitfinex leaderboard, says he’s shorting Bitcoin and will continue to do so unless bulls can secure their positions and push the price further. The trader underscores the importance of heavy volume in changing his bearish sentiment:

“50% organic move up in BTC with decent volume would definite invalidate bearish case. 50%+ shitcoin pump or yet another leverage-driven run-up on razor-thin volume like Jan-Feb, not so much.”

Joe, who is bullish on Bitcoin in the long run, says he’ll know it is time to buy when fellow traders are capitulating and nearing an all-out panic on BTC’s future.

Commenting on traditional markets, which have remained closely correlated to crypto since March, the trader says that he is expecting severe turmoil and volatility to continue.

In the meantime, the chief investment officer for Guggenheim Investments, Scott Minerd, states that he expects another big drop in the S&P 500:

“We need to see the other shoe drop. When the markets start to see some of the data on unemployment rising and economic growth and corporate earnings contracting, there will be another level of panic in the market. The most likely indicators that will coincide with a buy signal would be a sharp rise in the unemployment rate and a continued fall in the ISM Manufacturing Index.”

On April 20, the S&P 500 closed at 2,823.16, down −1.79%. Bitcoin has lost 4.39%, being at $6,902, according to CoinMarketCap.