Prices of $42,000 per bitcoin were more than enough ammo to reset the notorious bitcoin bears.
As the price of Bitcoin (BTC) drops to a 2022 low, Bitcoin bears have entered the game. Popular names in the BTC space, including FTX CEO Sam Bankman-Fried and John Carvalho, heeded words of caution overnight, while longtime gold advocate Peter Schiff and longtime pessimist CryptoWhale were eager to kick the coin as it fell.
Thursday’s liquidation cascade created more than $318 million worth of BTC positions, more than 88% of which were long. The price corrected to around $42,500 per BTC.
News about the ban on mining in Kazakhstan and the decision of the US Federal Reserve to raise interest rates are likely to be the reasons for the fall in confidence in the cryptocurrency market.
Schiff tweeted that if “Bitcoin goes over $42,000, it will hit $30,000. If it goes over $30,000, it could drop to $15,000. All of this could happen very soon.” He urged investors using BTC to sell now to avoid being liquidated at lower prices.
CryptoWhale, a self-proclaimed cryptanalyst and perennial bear with over 400,000 Twitter followers, said: “Bitcoin will drop below $10,000 this year. Remember.” A relentless bitcoin bear, the account has been demanding BTC below $10,000 since last October.
See also: Raul Pal says crypto market capitalization could increase 10x by 2030 with ‘reasonable probability’.
The Bitcoin Fear-Greed Index is at its lowest level not seen since 2021, when the BTC OG fanfare usually goes off. On Thursday morning, a score of 15 or extreme anxiety was recorded.
Bankman-Fried did little to assuage investors’ fears of declining problems. He recommended that the best thing to do in a bear market is to build, before hastily clarifying that “a fall today does not mean a fall tomorrow.”
Finally, Carvalho, CEO of the recently launched Synonym Software, was not shy about the recent BTC price movement:
As he notes, the BTC market can be a baptism of fire for newbies. It may take some time before the bears return to hibernation.
