Prices of $42,000 per Bitcoin were more than enough ammunition for well-known Bitcoin bears to reload.

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.

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 a*suage 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:

Twitter

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.

And you.

— 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.


It’s an ugly morning
BX Crypto
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What dip you buying?

It crashed harder last year.. Btc $29k I think. Wait it out

mannnn....if it did drop to 15k, i'm def buying a whole coin

Been looking at 35k since oct. It'll probably have support there.

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Let's get this over with, ready for Alt season.

theking08 said mannnn....if it did drop to 15k, i'm def buying a whole coin

Doubt that, in the bear market for sure not now.

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Going to be loading up on some more XRP

theking08 said mannnn....if it did drop to 15k, i'm def buying a whole coin

If it drops to 15k I'm strongly considering a home equity loan no cap lol.

Bitcoin going on sale just in time for them tax refunds

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Mr. Moses said If it drops to 15k I'm strongly considering a home equity loan no cap lol.

You dudes are crazy.



Spend some of that money on an "Intro To Computers" class and see if you feel the same way about Crypto after the class.

You can buy a class on Udemy. I'm sure there are colleges near you that offer remote learning. fu*k even Youtube has some good classes

PLEASE do not take out a home equity loan

Man 18 months ago bit was 5k. Just wait and see what the market does and buy eth. Put more money there because of use case.

After Xmas sale

Kierris said Brother you once stated you'd help me get into programming. I'm eager to learn. Where do I start

I can help. Answer some of these questions:

What kind of laptop or computer do you have?

Do you want to make websites, apps, or games?

Would you rather make a fancy website/app, or would you rather make something like a bot that buys sneakers?

42k is a crash now. We've come a long way fam.

These analysts make up things as they go lmao. 2 months ago, Bitcoin was supposed to hit 100k EASILY they said

Kierris said Surface book 3 I'd like to make them all but if I had to choose, probably websites. Both

I'd say Full Stack Development.

Get a Physical Keyboard for the Surface of you don't have one already. Download VS Code (it's free)

You'll need HTML + CSS + JavaScript for Front End, then a Backend language like Node.js, then a Database like SQL/NoSQL/MongoDB.

Learn Github too.

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Start off cheap with YouTube free tutorials and cheap tutorials on Udemy to make sure you even like it first.

Then start making your own basic projects and practice daily

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This course is a decent Udemy course that's free on YouTube

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I decided not to go will Full Stack but I studied it for a while. There are some Full Stack developers on Boxden that might have better insight than me but this would be a good start.

Gonna wait and see.

anyone "flipping bearish" likely bought for the first time in the last year lol

As someone who has survived multiple bear markets, you haven't seen a damn thing yet until you get a blow off top and an 85%+ drawdown

Zoom the fu*k out, Bitcoin has been in a bull market for 13 years

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All I see is crypto on a discount.

Fellas, let's act like we've been though this before.

When there is blood in the streets this is when you let your nuts hang.

Kierris said Thanks brother

No problem.



I know I just dumped a bunch of info out but actually try it out. Keep me posted on progress. After we had that convo about programming I started practicing every single day.

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(every green dot is a day of practice. I think I'm on like day 200 today)

I still have a long way to go but if you can practice a little bit everyday, you'd be surprised how far you can get quick. I actually kinda understand Machine Learning a little bit just from daily practice

Who are u following cuz crypto twitter isn’t bearish at all lmao

Look for the coins bouncing the hardest.

Atom, FTM, One, are examples.

Don’t just check those, but check out different plays in their ecosystem. This gon go over a lot of y’all heads though

Solana is at support at 150ish, that’s an easy long.

NEAR is a good play as well.

I honestly have not seen anyone worth following being bearish though.

BurninLz said anyone "flipping bearish" likely bought for the first time in the last year lol As someone who has survived multiple bear markets, you haven't seen a damn thing yet until you get a blow off top and an 85%+ drawdown Zoom the fu*k out, Bitcoin has been in a bull market for 13 years view image

When this Crypto Craze is all said and done, you will see that the biggest you all made is comparing Crypto to Stocks.

There are no bull markets or bear markets. There is no technical analysis. It's ALL manipulation. You're at the mercy of exchanges and stablecoins, and the exchanges are illiquid.

And when you zoom out, make sure you look into Mt Gox and the 2018/2019 crash

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MulaAve said Who are u following cuz crypto twitter isn’t bearish at all lmao Look for the coins bouncing the hardest. Atom, FTM, One, are examples. Don’t just check those, but check out different plays in their ecosystem. This gon go over a lot of y’all heads though Solana is at support at 150ish, that’s an easy long. NEAR is a good play as well. I honestly have not seen anyone worth following being bearish though.

Sources?