A big Bitfinex Bitcoin whale is anticipating a severe correction, will he be right?

A Bitcoin whale on Bitfinex who identifies as Joe007 has been consistent in calling for a steep correction in the market since the $9,000s.

According to cryptocurrency trader Jacob Canfield, Joe007 has been profitable for six straight months from August 2019 to January 2020.

On average, the trader recorded $6.52 million in profit on a monthly basis for the past half-year.

Throughout February, Joe007 has been consistent in describing the Bitcoin rally from the $9,000s to $10,500 as a case of manipulation in the form of spoof orders.

In margin trading, spoof orders refer to fake buy orders placed to encourage other investors to place long contracts to bump up the price of Bitcoin.

With the recent upsurge being driven primarily by highly leveraged longs, the whale said that the move is "Irresponsible," and an inevitable pullback will arrive.

Whales tend to trade on Bitfinex over other platforms because the exchange offers only up to 3.3x leverage.

Traders on Bitfinex tend to trade with a longer-term strategy, as the low leverage significantly reduces the likelihood of any liquidation.

If the Bitcoin price stays below $10,000 for the rest of the month, it would result in seven consecutive profitable months for the investor.

The upcoming Bitcoin reward halving in late April has been considered as a major variable for the price trend of the dominant cryptocurrency by traders.