As the price of Bitcoin (BTC) slides to 2022 lows, Bitcoin bears have come out to voice their opinions. Popular names in the BTC space, such as FTX CEO Sam Bankman-Fried, and John Carvalho, heeded words of caution overnight, while former gold advocate Peter Schiff and perennial pessimist, CryptoWhale, were willing to kick the coin while it’s down.
On Thursday, a cascade of liquidations eliminated plus of USD 318 million positions in BTC, more than 88% of which were long. The price corrected to about $ 42,500 per BTC.
News about the mining ban in Kazakhstan and the US Federal Reserve’s decision to raise rates were the likely causes of the crash. of the trust of the cryptocurrency market.
Schiff tweeted that if “Bitcoin falls below $ 42,000, it will head to $ 30,000. If it falls below $ 30,000, it could crash at $ 15,000. This could all happen very soon.” He encouraged leveraged investors in BTC to sell now to avoid liquidation at lower prices.
CryptoWhale, a self-proclaimed cryptocurrency analyst and permanent bear, with over 400,000 Twitter followers, He said: “Bitcoin will fall below $ 10,000 this year. Do not forget”. The account has said that BTC will drop below $ 10,000 from October last year.
Bitcoin Fear and Greed Index is at lows not seen since 2021, which is usually the moment when the bugles of “OG” BTC sound. Registered a punctuation 15 or extreme fear Thursday morning.
Bankman-Fried didn’t exactly calm investors’ concerns over bearish woes. Recommended that the best thing in a bear market is to build before hastily clarifying that “just because it goes down today does not mean it will go down tomorrow.”
By last, Carvalho, CEO of the newly created Synonym Software, did not mince words when it came to the recent movements in the price of BTC:
EVERYONE must endure the brutal Bitcoin rite of passage of a bear market where their investments are severely under water.
This includes Elon, Jack, and Saylor.
– John Carvalho (@BitcoinErrorLog) January 5, 2022
EVERYONE has to put up with the brutal Bitcoin rite of a bear market where their investments are severely drowned. This includes Elon, Jack, and Saylor. And you.
As you point out, The BTC market can be a baptism of fire for newcomers. It could be some time before the bull market returns.