Trader Bets Big on Sub-$5k Bitcoin Price in April, Deletes Twitter Account Come May

Another trader has been called out on a bogus Bitcoin price prediction and has now seemingly disappeared.

Bitcoin Trader Disappears After Promising Rewards

Getting clout on crypto-Twitter often leads to stupid publicity stunts. The latest, involving a user who went by the monicker Hades (@BitHades), was so bad that they ended up deleting their account entirely. Captured in screenshots by Trader Abu (@TraderAbu), Hades promised to give every person who retweeted his prediction one BTC each if it was fulfilled. His prediction was that BTC would drop below $5,000 in April. That didn’t end up happening — and now Hades is nowhere to be found. If Hades actually followed through on their promise, it would cost them 1,686 BTC ($14.5 million). So, it’s easy to see why they disappeared. Some users also allege that Hades was already a known scammer before this whole ordeal and it was a mystery why they even had a following at all.

The Problem with Cryptocurrency Price Predictions

Everyone seems to have an opinion on where the price is going, but sometimes it’s just a reflection of naked self-interest. If someone is out of their position, they obviously want the price to decline — and their prediction will expectedly be bearish. The same applies in reverse. In short, predictions without justification should always be taken with a grain of salt. Wild predictions, however, are made all the time. Some big-names in the cryptocurrency industry tend to make them all the time despite often falling flat. One such commentator is Tom Lee, the head of research at Fundstrat Global Advisors, who has been making calls all over the place for years now. In 2018, his prediction was that the price of Bitcoin would reach $15,000 that year (which couldn’t have been more wrong). However, the all-time record for wrong calls goes to CNBC. In fact, CNBC has been so wrong over the years that traders began to counter-trade the network with great success: when CNBC goes bullish, it’s often smart to be bearish. The predictions continue to pile on during this exceptionally uncertain time in 2020. BeInCrypo recently reported on a recent doomsday take that saw Bitcoin plunging under $3,000. An analyst at Morgan Creek Partner sees a new Bitcoin all-time high by September. Neither will likely come to fruition. So, when you see an obvious publicity stunt like the one from @BitHades, it’s best not to engage with it at all. These are often pulled by accounts desperate for a bit of attention — and when things don’t work out their way, they simply disappear. That’s exactly what happened here.