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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
2 mins read
chainlink whale crypto bitfinex

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Created by industry experts and meticulously reviewed
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Chainlink continues to set new high after high, after breaking upward out of its bullish trend channel and going parabolic. The asset is in full price discovery mode, and investors are exuberant.

It’s prompted one of the largest whales on Bifinex to comment on the seemingly unstoppable altcoin. And he says that like all other altcoins, Chainlink too will fall victim to becoming a “shitcoin.”

Bitfinex Bitcoin Whale Warns FOMO Will Eventually Fizzle On Unstoppable Altcoin

Chainlink is once again the talk of the cryptocurrency market. It has been the best performing asset two years running, but in 2020 so far, it is up over 390% and still climbing.

After recently breaking its previous all-time high set ahead of Black Thursday, the altcoin broke upward out of a long-term bullish channel. The momentum sent the asset parabolic and into price discovery mode.

FOMO is fueling each new record being set, as more and more investors catch wind of the crypto market superstar.

Related Reading | Alt Season: ‘Altcoins’ Search Volume Surges On Google Trends

But from the murky waters of the cryptocurrency exchange Bitfinex, the platform’s most profitable and vocal whale is speaking out about what he says is still a “shitcoin.”

The whale knowns by the Bifinex leaderboards as Joe007 says that each “shitcoin, no matter how shitty, has FOMO-generating potential.”

“Each instance of shitcoin FOMO creates concentrated riches for its few peddlers and widespread losses for a new generation of shitcoin bagholders,” he continued in a response to a Twitter thread on LINKUSD.

The comments are likely to cause uproar in the crypto community due to the strong positive sentiment swarming the altcoin. However, the Joe007 often takes an opposing stance on many sensitive subjects.

Or perhaps he’s just trolling. Joe007 has clashed with stock-to-flow model creator PlanB and has recently bashed XRP in a similar fashion.

He also took a strong opposing stance to the bullish impulse at the start of 2020. The whale spent several weeks underwater but is known to be among the most profitable traders on Bitfinex, regardless.

Chainlink Continues to Make Waves In Crypto Despite Whale Criticisms

The Bitfinex mega whale can say what he wants, but Chainlink combined with irrational exuberance can also be unpredictable.

While Joe007’s theory has certainly been proven with other altcoins, Chainlink thus far seems to be different. The asset was born after the crypto bubble burst, and due to its untarnished sentiment, it hasn’t yet had a reason to pull back.

Related Reading | Chainlink’s Unstoppable Rally Has It Dominating These Top Crypto Exchanges

Once the asset’s parabola runs out of steam, how the asset reacts from there will ultimately determine if its a “shitcoin” as the whale claims. The alternative is that – like the early 2020 rally – the whale is wrong, and Chainlink could just keep on climbing.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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