Yesterday, Binance CEO Changpeng Zhao (CZ) warned that shorting Bitcoin right now wasn’t a good idea. However, a crypto whale is confident that the #1 coin will drop below $8,000 by the end of August.
Crazy 10 BTC Bet
Binance boss told crypto investors not to bet against Bitcoin. He hinted that the coin was in the middle of a rally that hasn’t reached its culmination yet.
This is not financial advice, but you can slap yourself a little harder now.
— CZ Binance (@cz_binance) August 6, 2019
On Monday, Bitcoin started the day below $11,000. Now the coin is trading at around $11,820 as at 11:30 GMT, after hitting a daily peak at $12,273, according to Coinmarketcap data.
While the fundamentals are pointing to a continuation of the Bitcoin uptrend pushed by troubles in the traditional financial world, a crypto whale thinks otherwise. Twitter user @BitKrabs replied to CZ that he was ready to send him 10 BTC if the price doesn’t drop below $8,000 by the end of this month.
Don’t bet against bitcoin?
Okay, well i disagree,
… if it doesn’t crash back below 8k this month, I’ll personally send you 10 BTC.
— Kra₿₿y 🦀 (@BitKrabs) August 6, 2019
10 BTC is worth $118,000 as of now, so the bet is daring to say the least.
@BitKrabs claims to be a crypto whale and Bitcoin fund manager. He elaborated on his price outlook for August in a separate tweet:
1. What will happen instead is we will reject it, then nose dive to the 7.5-8K Range.
2. We will likely re-test 9K~ around the middle of August.
3. Final dip to the yellow line. (buy there) pic.twitter.com/oPppKYT8Zz
— Kra₿₿y 🦀 (@BitKrabs) August 4, 2019
The analyst says that the resistance level is between $11,000 and $12,000. While Bitcoin has already broken the $12,000 level, it fell back below it as of now. We’ll see what happen in the coming days.
As you could expect, @BitKrabs’ tweet attracted many “crypto beggars” who implored the analyst to send 10 BTC, or at least 1 BTC, to their address instead of CZ, who is already rich.
Bitcoin Continues its Rally for Now
The largest cryptocurrency by market cap is confidently moving upward driven by geopolitical uncertainty.
Yesterday, we explained that the worsening Sino-US trade tensions forced the People’s Bank of China (PBOC) to devalue its currency by almost 1.50% in an unexpected move. The stock markets plunged, pushing Bitcoin up thanks to its safe-haven status.
Note that the year-to-date high was hit at the end of June when Bitcoin traded above $13,750.