With the lack of traditional analysts and the volatile nature of the crypto market, those who’ve had success predicting price moves in the past often accrue massive followings on social media.
This has certainly been the case for Flood (@ThinkingUSD), a Twitter user who is widely considered one of the top traders on leveraged crypto derivatives exchange BitMEX.
In his most recent post, Flood revealed that he opened a $4 million long position at roughly $8,105, stating, “your paid group leader is short looking for $7.4k with his last 0.1 BTC in fees. True chads are long and strong RIGHT NOW.”
Your paid group leader is short looking for 7.4k with his last 0.1 BTC in fees. True chads are long and strong RIGHT NOW. pic.twitter.com/xRKDePMbGQ
— Flood [BitMEX] (@ThinkingUSD) November 20, 2019
While it hasn’t been confirmed that this is a real position, a successful long here would place Flood in a good position if Bitcoin reverses course after a bearish start to November.
Flood does have a recent win under his belt, having predicted the previous run-up that saw Bitcoin surge from $7,400 to $10,500 in a matter of hours.
While Flood is feeling bullish at current prices, some investors may be waiting to pick up more Bitcoin at lower prices. A previous call by AngeloBTC, the top trader on BitMEX, has BTC hitting the $6,000 range before he plans to add to his long position.
Time will tell which of the two BitMEX traders are correct.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.