As the Bitcoin (BTC) price slides to 2022 lows, the Bitcoin bears have come out to play. Popular names in the BTC space including Sam Bankman-Fried and John Carvalho heeded words of caution overnight, while gold bug Peter Schiff and eternal pessimist CryptoWhale were keen to kick the coin while it was down.
Long-standing gold proponent and crypto skeptic Peter 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 upwards 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.
Sam Bankman-Fried, the CEO of FTX crypto exchange, 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.”
EVERYONE must endure the brutal Bitcoin rite of passage of a bear market where their investments are severely under water.
This includes Elon, Jack, and Saylor.
— John Carvalho (@BitcoinErrorLog) January 5, 2022
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.