Bitcoin Twitter turns bearish, society responds

As the Bitcoins (BTC) price falls to its lowest levels in 2022, Bitcoin bears have come out to play. Popular names in the BTC area including FTX CEO Sam Bankman-Fried and John Carvalho followed warning words overnight, while longtime gold champion Peter Schiff and perpetual pessimist CryptoWhale were busy kicking the coin while it was down.

A liquidation cascade took place on Thursday more than $ 318 million BTC positions, of which over 88% were long. The price corrected to around $ 42,500 per BTC.

News of a mining ban in Kazakhstan and the US Federal Reserve̵[ads1]7;s decision to raise interest rates were likely reasons for the decline in crypto market confidence.

Ship twitret that if “Bitcoin breaks $ 42K, it’s on its way to $ 30K. If it breaks $ 30K, it can crash to $ 15K. All of this can happen very soon.” He urged BTC-borrowed investors to sell now to avoid liquidation at lower prices.

CryptoWhale, a self-proclaimed cryptanalyst and perma bear with over 400,000 Twitter followers, so, “Bitcoin goes below $ 10K this year. Don’t forget that.” A ruthless Bitcoin bear, the account has requested an under- $ 10,000 BTC since that early as of October last year.

Related: Raoul Pal says ‘reasonable chance’ crypto market value may 100 times by 2030

The Bitcoin Fear & Greed index is at the lowest levels not seen since 2021, which is usually the time when BTC OG’s clarion calls are heard. It registered one score at 15 or extreme fear Thursday morning.

Bankman-Fried did not exactly allay investors’ concerns about bearish issues. He recommended that the best thing to do in a bear market is to build before one quickly clarifies that “down today does not mean down tomorrow.”

Finally, Carvalho, CEO of the recently launched Synonym Software, did not cut the words when referring to the recent BTC price movements:

As he points out, the BTC market can be a baptism of fire for newcomers. It may take some time for the bears to return to hibernation.