Could Coinbase IPO Come With A Crypto Market Dump?
Technical analyst Justin Bennett, whose spot-on interpretation of the VeChain charts has made many of us quite a few dollars, euros, rubles or whatever this year, is warning over a possible rotation lower this week and claims in comments that the Coinbase IPO could come with a nasty surprise.
Yesterday during his YouTube podcast even Scott Melker (Wolf of All Streets) claimed he noticed some tension on Bitcoin. Could a crypto dump be in the making?
14 April Coinbase IPO
D-Day for Coinbase to be listed on the Nasdaq is April 14th, and therefore anticipation has been building up for many altcoins who believe they’ll be newly discovered by eager investors who take their first steps into the crypto world on that day.
People waiting for a quick shakeout to long #btc because of high funding.— Pickles (@BitPickles) April 13, 2021
Sometimes when everyone wants it, #btc does the opposite.
Same goes for everyone looking for a dump on the coinbase ipo listing on April 14th.
However, there is a growing warning sign that the buildup of the past week (several altcoins have seen major pumps since the beginning of April) could result in a dump after the IPO itself. A dump of crypto that is.
Bennett was the first to sound the warning this week, saying;
I’ve got my eye on a couple of key levels for $BTC and $ETH that, if broken, could signal a rotation lower this week for the entire market. I’ll post an update if and when they confirm.
It comes after he held a poll on 9 april in which he asked his followers whether they expected the Coinbase IPO to either trigger a pump or a dump for altcoins.
Next week's Coinbase IPO triggers a...— Justin Bennett (@JustinBennettFX) April 9, 2021
Consensus was for a pump, which indeed followed, although many were fearful that the buildup to the event would be enough reason for a dump afterwards.
We’ll see later this week if they were right.
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