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Home Cryptocurrency news

This Insanely Bizarre Signal Called Bitcoin’s Top Three Times In A Row

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin bizarre sell signal crypto
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Yesterday, Bitcoin plummeted by over $1,000 in one hour, representing the fifth-largest single one-hour drop in the asset’s young history.

And interestingly, it happened mere minutes after this insanely strange sell signal reared its ugly head, marking the third time in a row in a matter of two weeks that the signal worked like a charm.

Ironic Tweets Call Bitcoin Top Three Times in a Row

Bitcoin has been on a moon mission throughout 2020 thus far, rising from lows near $6,800 to as high as $10,500.

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The rally has added over 40% to the asset’s value in less than 60 days into the new year.

Related Reading | Crypto Market Crash: This Technical Structure Puts End to Uptrend 

The surging prices also triggered a golden cross of the 50-day and 200-day moving averages – an incredibly bullish signal.

But yesterday at roughly 3:00 PM eastern time, a massive, one-hour long, record-breaking crypto market dump happened, causing asset prices to go tumbling.

Bitcoin dropped by over $1,000, setting the record for the young, disruptive asset’s fifth-largest one-hour sell candle.

The selloff happened exactly three minutes after an ironic tweet was made by cryptocurrency influencer Holdonaut.

Holdonaut became well known for creating the Bitcoin lightning torch experiment, where one major crypto influencer sent the cryptocurrency to another, creating a domino effect of promotional efforts spreading the word about the second-layer technology.

Later, Holdonaut, was threatened with legal action from Bitcoin SV frontman Craig Wright, for defamation of character.

Now, Holdonaut is in the public eye once again, but this time for signaling the of Bitcoin’s rally not once, not twice, but three total times.

Holdonaut over the last two weeks has made three tweets claiming that Bitcoin would never again trade below $10,000.

pic.twitter.com/zvpVocjKIG

— Cryptofungus (@crypt0fungus) February 19, 2020

Each time the tweet was made, Bitcoin promptly fell below $10,000.

This latest tweet happened just three minutes before the record-breaking crash across the crypto market that wiped billions of value in an hour’s time.

The ironic tweet acted as a massive sell signal three times running in a matter of two weeks.

Jinx! Prediction Track Record Favors Immediate Downside

However, the same tweet can be found many times over the last two years of the bear market.

Even the most well-respected cryptocurrency analysts across the industry have been incorrect when making that call.

#bitcoin 200 week moving average growing 5.6% per month … last opportunity to buy #BTC below $10k pic.twitter.com/uEKl24TEYt

— PlanB ? (@100trillionUSD) June 21, 2019

Ahead of the June 2019 top, back when Bitcoin reached $14,000, Bitcoin stock-to-flow model creator Plan B claimed it would be the last opportunity to ever buy Bitcoin below $10,000 again.

It’s now happened a handful of times since.

Bitcoin pioneer Charlie Shrem also made a similar incorrect prediction in May 2018, months before the first-ever cryptocurrency later plunged to $3,000.

May 2018 will be the last time we ever see #bitcoin under $10,000

— Charlie Shrem (@CharlieShrem) May 3, 2018

The statement dates back to even earlier in 2018, after Bitcoin rebounded from a V-shaped bottom at $5,800 in February of that year. The bear market began right after that call was made.

Even earlier, those that watched Bitcoin break above $10,000 for the first time – an undeniably important psychological resistance level – likely assumed that the cryptocurrency wouldn’t ever find itself below the level ever again.

Related Reading | Bitcoin To Explode To $18,000 Ahead Of Halving, As Probability Of New ATH Grows 

But Bitcoin is once again trading below $10,000. The next time it breaks above it, make sure nobody claims that Bitcoin will never again go below that number, and if they do, it may just be the time to sell.

Tags: bitcoincryptoholdonauttwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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