Mysterious whale JOE007 reiterates bearish stance, stating that the rally is driven by institutional-level FOMO manipulation.

Bitcoin surged to $9,441 today, not only recovering from the losses since mid-March but also reaching the level of March 7. It outperformed the S&P500 index for the first time since the sell-off. However, the famous Bitfinex trader JOE007 poured cold water on the rally, stating that the surge lacked liquidity and was a panic-driven (FOMO, fear of missing out) rise orchestrated by an organization.

After the major drop on March 12th, famous analysts on Twitter, including JOE007, shared their views on the crash. JOE007 had been bearish on Bitcoin since it was still above 9,000 in March, continuously mocking the upcoming halving of block rewards and criticizing PlanB's Stock-to-Flow price model.

Didn't you know? It's only manipulation when the price goes down! When the price is pushed up on zero volume while "magic halvening" fairy tales are fed to you, it's not an attempt to ignite FOMO and trap retail traders! No no no! It's organic growth and S2F is highly scientific! https://t.co/41rJ5Oe2JB pic.twitter.com/Na4JtkQ2gb

— Joe007 alerts·groups·funds? Scam! (@J0E007) March 12, 2020

Today, after Bitcoin surged over 17%, JOE007 reiterated his bearish stance, warning:

The rise in Bitcoin before the halving may end in failure; such a rise lacks liquidity, deepening the possibility of a pullback. This surge is organized by large holders using the halving to hype up "FOMO sentiment" and manipulate retail investors.

He tweeted again around 4 p.m. today, saying: You've made over 18% profit in one day, what's your next move?

Many are curious about this mysterious analyst, with many in the crypto community speculating that JOE007 is actually a member of the cryptocurrency exchange Bitfinex. He has been continuously criticizing the Stock-to-Flow price model, which has drawn the ire of its creator, PlanB. The two have been at odds on Twitter recently.

Furthermore, JOE007 previously held the top spot on Bitfinex's profit leaderboard, but now holds the top spot for losses.

Keen observers didn't miss this, mocking JOE007 for his continuous bearishness leading to losses. In response, JOE007 explained that this was just his personal accounting for asset hedging, and the "huge losses" the observers mentioned simply don't exist. In reality, making profits through hedging across different exchanges is common practice. The Alameda team, led by the founder of FTX, has also faced similar criticisms, yet they have been profitable.