The Bitcoin(BTC) slides to its ultimate low in 2022. As the liquidation cascade on Thursday which changed the price of more than $318 million BTC positions(88% were quite long) to around $42,500 per BTC, the popular names in the BTC such as the FTX CEO Sam Bankman Fried and John Carvalho, Peter Schiff and others had their set of words of caution on different platforms.
According to many sources, the latest news of a mining ban in Kazakhstan and the United States Federal Reserve’s decisions to increase the rates are likely the cause of this decrease.
As per the latest tweet of Schiff, if the BTC rates are headed towards $30K, it would crash to $15K pretty soon. His advice is to go ahead and sell their BTC holdings to avoid liquidation of their money at lower prices.
The CryptoWhale, a self-proclaimed crypto analyst and Perma bear with over 400,000 Twitter followers, predicted that BTC would go under $10K this year.
The BTC drop and the Greed Index were never this low since 2021, which was a tricky time in the market. The Bitcoin Fear score was about 15 or extreme fear on Thursday morning.
According to heraldnet.com, the down in the market today doesn’t mean that it will be down tomorrow as well, making the scenario less intense compared to others.
Finally, as per Carvalho, the CEO of Synonym Software, the BTC market right now can be a baptism of fire for the newbies. It would be the same for some time until the bears come back to hibernation again.