As the BTC price surpassed 20k a few months back, the Crypto-Whales of the market started betting on its value. And it won’t be wrong to say that these whales are having a good time in the market for quite a long time. No offense! But for sure they are manipulating the market by playing with the minds of investors.
The new market data shows that BTC is currently rallying at $38,511 (at the time of writing). As BTC reached near $42,000 on 8th January 2021, the eyes of keen investors are at the new all-time-high of BTC value. And so does the Bitcoin whales.
BTC Price Speculation by Crypto-Whale Scott Minerd
Scott Minerd, global chief investment officer at Guggenheim, is one of those big names who hold a large supporter base, and thus, considered as a potential influencer of the crypto-market. The chief investment officer tweeted to take the money off the table when BTC was hovering near the $35,000 level.
The news of Guggenheim CEO revealing that he has already bought BTCs in some private funds is again something that exemplifies the diplomatic statements made by them before. With crypto becoming much more mainstream, it is easy to manipulate the market via such statements to let newbies out of the game.
This is not it guys, magically, he is now evaluating the worth of BTC at $4,00,000! Can you find the connections between the two statements – the one stating get your money out of the table, and then evaluating it to $4,00,000? Why would we take our money out of the market when the price of BTC will soon reach $4,00,000!
Do not forget the fact that Guggenheim has already applied for the $500 million exposure to Bitcoin via Grayscale Bitcoin Trust (GBTC). According to the latest news, GBTC investments jumped over $3 billion in the last quarter.
It is not difficult to see how the statement-swings of the Crypto-Whales are influencing the market. Or is it a clear strategy to get the fishes out!
According to crypto-analyst Lark Davis, these tweets of first investing in the latest technology and then asking for taking some money off the table is just a part of the strategy to scoop more BTCs.
On Thursday, 21 Jan 2021 here we get another warning from the same man, from the last episode of “closing bells,” who stated that:
“We are likely to see a full retracement towards the $20,000 level.”
As the panic sells at the time when BTC is bearish, and influential people are being asked for taking some money off and plunge the price of BTC even more. This will be the perfect time for the millionaires to scoop more currency in their wallets.
The Bottom Line
Clearly, the swings in the statement can be compared with the oscillations of a pendulum. On one side Scott Minerd asks to withdraw money, while on the other hand, he predicts the BTC’s bright shining future. If the future price of BTC is going anywhere near $4,00,000 then what will be more sensible? To hold or sell in the panic! It’s your choice altogether, but it is needed that investors should not decide based on mere statements.