Home News Bitcoin Twitter flips bearish, community responds

Bitcoin Twitter flips bearish, community responds


Bitcoin bears have gone out to play as the price of Bitcoin (BTC) drops to 2022 lows. FTX CEO Sam Bankman-Fried and John Carvalho, as well as long-time gold proponent Peter Schiff and lifelong pessimist CryptoWhale, heeded words of warning overnight.

On Thursday, a liquidation cascade removed over $318 million worth of BTC positions, with over 88% of them being long. The price of a bitcoin has risen to over $42,500.

The collapse in crypto market confidence was likely caused by news of a mining ban in Kazakhstan. And the US Federal Reserve’s decision to raise rates.

“If Bitcoin breaks $42K, it’s headed to $30K,” Schiff tweeted. It’s possible that if it breaks $30K, it’ll drop to $15,000. All of this might happen at any time”. He advised BTC-leveraged investors to sell now rather than later, in order to prevent liquidation at lower prices.

“Bitcoin is heading under $10K this year,” CryptoWhale, a self-proclaimed crypto expert and perma-bear with over 400,000 Twitter followers, tweeted. “Keep it in mind”. Since October of last year, the account has called for a Bitcoin price of less than $10,000.

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The Bitcoin Fear & Greed Index hasn’t been this low before 2021, which is when BTC OG normally issues its clarion call. On Thursday morning, it got a 15 out of ten, indicating acute dread.

Bankman-Fried didn’t do much to ease investors’ fears about the negative situation. Before quickly adding that “down today doesn’t guarantee down tomorrow”, he said that in a bear market, the greatest thing to do is to build.

Finally, when it came to the recent BTC price fluctuations, Carvalho, CEO of the newly formed Synonym Software, didn’t mince words:

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