Bitcoin Twitter flips bearish, community responds

As
Bitcoin’s
(BTC)
price
slides
to
2022
lows,
Bitcoin
bears
have
come
out
to
play.
Popular
names
in
the
BTC
space
including
FTX
CEO
Sam
Bankman-Fried
and
John
Carvalho
heeded
words
of
caution
overnight,
while
long-standing
gold
proponent
Peter
Schiff
and
eternal
pessimist
CryptoWhale
were
keen
to
kick
the
coin
while
it
was
down. 

A
liquidation
cascade
on
Thursday
took
out

more

than
$318
million
BTC
positions,
over
88%
of
which
were
long.
The
price
corrected
to
around
$42,500
per
BTC.

News
of
a

mining
ban
in
Kazakhstan

and
the
United
States Federal
Reserve’s
decision
to
hike
rates

were
likely
causes
for
the
slump
in
crypto
market
confidence.

Schiff

tweeted

that
if
“Bitcoin
breaks
$42K
it’s
headed
to
$30K.
If
it
breaks
$30K
it
could
crash
to
$15k.
All
this
might
happen
very
soon.”
He
encouraged
BTC-leveraged
investors
to
sell
now
to
avoid
liquidation
at
lower
prices.

CryptoWhale,
a
self-proclaimed
crypto
analyst
and
perma-bear
with
upward
of
400,000
Twitter
followers, said,
“Bitcoin
is
going
under
$10K
this
year.
Don’t
forget
that.”
A
relentless
Bitcoin
bear,
the
account
has
called
for
a
sub-$10,000
BTC
since
as

early

as
October
last
year.



Related:

Raoul
Pal
says
‘reasonable
chance’
crypto
market
cap
could
100x
by
2030

The

Bitcoin
Fear
&
Greed
Index

is
at
lows
not
seen
since
2021,
which
is
usually
the
time
that
BTC
OG’s
clarion
calls
are
sounded.
It
registered
a

score

of
15
or
extreme
fear
on
Thursday
morning.

Bankman-Fried
didn’t
exactly
assuage
investors’
concerns
about
the
bearish
woes.
He

recommended

that
the
best
thing
to
do
in
a
bear
market
is
to
build
before
hastily
clarifying
that
“down
today
doesn’t
mean
down
tomorrow.”

Finally,
Carvalho,
CEO
of

recently
launched
Synonym
Software
,
didn’t
mince
his
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
could
be
some
time
before
the
bears
return
to
hibernation.

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