Whales Caution as Wall Street Legend Bill Miller Joins Bitcoin FOMO Rally

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Last Updated on 11 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Legendary Hedge Fund manager Bill Miller came into the crypto news this week, by having recently urged on financial channel CNBC that:

Everyone should be buying Bitcoin at the current prices. […] Bitcoin has been very volatile, but I think right now it’s staying power gets better every day.

YouTube video

I think the risks of bitcoin going to zero are much, much lower than they’ve ever been before.

The only problem is that the last time Bill Miller talked up Bitcoin was back in December 2017, just before the last FOMO rally ended and the Bitcoin price dropped back down to $5,000.

Infamous trader Cryptowhale, who tends to invest rather contrarian, calls his readers to attention. He earlier warned about DeFi coins.

Cryptowhale stated:

This is the guy who sold 50% of the fund he managed, and bought into $BTC the day it hit $20,000. He FOMO’ed in at the top, and now wants you too, so he can break even!

Advertentie.

Decoupling

As the Nasdaq is selling off and is decoupling from the Dow Jones apparently, traders are left with an open question: is this the start or the end of a rally?

The last time that the Nasdaq and the Dow were in disjunction as much as they were yesterday was back in the time of the Dotcom bubble back in the 2000s. Of course, back then there was no Covid-19 cure, no return to normal and no Bitcoin even. So, who knows what the future holds.