Crypto analysts all across Twitter have gone more bearish than ever on Bitcoin and crypto in general. This is primarily due to the recent market crash thanks to the massive amount of Fear. Uncertainty, and Doubt (FUD) that’s been spread across the globe thanks to the COVID-19 outbreak, commonly referred to as the Coronavirus.
Collapsing In On Itself
The entire crypto industry had experienced an overall market crash, which saw Bitcoin, in particular, drop below the $4,000 mark as it bore witness to the single worst sell-off event that occurred within a day, within the crypto’s entire history. As one would imagine, Twitter analysts are turning bearish to the coin in light of this.
Before the Coronavirus FUD, the BTC was steadily approaching its $10,000 mark as anticipation for the May halving event grew. Now, though, the entire future of Bitcoin is being called into question, though it’s unlikely that the world’s first cryptocurrency would just die out.
Doubts Of Survival Spread
The overall sentiment in regards to twitter’s crypto community is one of humor and exacerbation. For the most part, everyone is sharing their overall disbelief when it comes to the sheer amount of value Bitcoin had lost in such a short span of time. While some tried to find the humor in the matter, there really wasn’t much that would remedy the situation.
— Squeeze (@cryptoSqueeze) March 14, 2020
As is the case with anything getting such a crushing loss of value, some elements in the crypto community are sharing their doubts that Bitcoin would ever find investor confidence again after this momentous crash. Many have doubted mainstream and institutional investors were ever returning to this after such a blatant display of volatility.
Looking at this piece of shit monthly, I don't really feel like buying the bottom at all, even if the price is at $3000, $1500
This savage dump violated a consensus that was built over a 8 year period
It might take another 8 years to rebuild confidence in BTC pic.twitter.com/LMqIpswjn0
— ๑ ZimbabweFED ๑ (@NoodleofBinance) March 14, 2020
Extreme Returns For Extreme Risks: PlanB
Some, however, took this in a more rational stride. Some claimed this massive sell-off was a bid to hold cash as the economy at large nosedived. Bitcoin itself has been viewed by many as a safe haven asset, should the global economic crash. Thus, it’s expected that Bitcoin will start to come back into bull territory as soon as the overall stock market does, as well.
PlanB, a twitter analyst renowned for his application of Stock-To-Flow (S2F) to Bitcoin, stated that these violent fluctuations are still within the system’s predictions.
Some people think S2F model broke yesterday. Of course it did not. #bitcoin oscillated nicely around model value and stayed well within model bands. The extreme volatility within the model bands shakes out the weak hands. No extreme returns without extreme risk (volatility). pic.twitter.com/6UB3hO3ZE7
— PlanB 🔴 (@100trillionUSD) March 13, 2020
He explained that the massive volatility spike shook out the “week hands” of the place. Furthermore, he claimed that there were no extreme returns without an equal amount of risk.