Bitcoin bears have come into play as the price of Bitcoin (BTC) drops to 2022 lows. Popular names in the BTC space including FTX CEO Sam Bankman-Fried and John Carvalho heeded words of caution overnight, while longtime gold proponent Peter Schiff and eternally pessimistic crypto whales were eager to put the coin down.
Thursday turned out to be a liquidation spring more Over $318 million in BTC positions, of which over 88% were long. The price corrected to around $42,500 per BTC.
News of the mining ban in Kazakhstan and the decision of the United States Federal Reserve to hike rates could be the reason for the decline in crypto market confidence.
schiff tweeted That if “Bitcoin breaks $42K it moves to $30K. If it breaks $30K it could crash to $15K. All of this could happen very soon.” He encouraged BTC-leveraged investors to sell now to avoid liquidation at lower prices.
Crypto Whale, a self-proclaimed crypto analyst and perpetual bear with over 400,000 Twitter followers, said, “Bitcoin Is Going Below $10K This Year. Don’t Forget That.” A relentless bitcoin bear, the account has since demanded less than $10,000 of BTC Soon As of October last year.
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The Bitcoin Fear and Greed Index has not seen a low since 2021, which is usually the voice of the clear call of BTC OG. it is registered Score Extreme fear on the morning of the 15th or Thursday.
Banksman-Fried did not fully acknowledge investor concerns about the recession crisis. She recommended That’s the best thing to do in a bear market before making hasty clarification that “down today doesn’t mean down tomorrow.”
Lastly, Carvalho, CEO of the recently launched Synonym Software, did not mince his words when referring to the recent BTC price action:
Everyone has to endure the brutal bitcoin rite of passage of a bear market where their investments are seriously under water.
This includes Elon, Jack and Saylor.
— John Carvalho (@BitcoinErrorLog) 5 January 2022
As he pointed out, the BTC market could be a baptism of fire for newcomers. It may take some time for the bear to return to hibernation.