Bitcoin has entered the bear market now, and there are a lot of bearish sentiments in twitter. Below are some of the tweets from some famous crypto personalities.
Hodlers are Unfazed by the Dump
Hodlers like Alister Milne are unfazed by the Bitcoin dump. They are pointing to the on-chain metrics that point to 1 year hodl wave that is a currently rising. This measure of ‘illiquid supply’ only happens at the end of bear market.
People also Use This Opportunity to Buy Bitcoin
People are using this dump to buy some cheap Bitcoin. Moreover they get loan for very less interest rate so they don’t fail to use this golden opportunity.
Comparing BTC Network Effect to that of Amazon
Raoul Pal compares Bitcoin Network effect with that of Amazon and he mentions that the network effect models are encapsulated by their log trends and regression channels, along with the 48 month Exponential Moving average (for BTC). He also mentions that this short term volatility is mere noise.
People have also sold to Stables to Reduce Risks
Some People have played it safe by selling their Crypto holdings to Stables when Bitcoin was going up in the second half of 2021 to reduce risk. They are now in a safer position if there is a prolonged bear market us like we have one from 2018 till 2020. It seems they have learnt their lessons from the previous bear market in 2018 and dont want to repeat the same mistake.
Alister Milne Going for Bear Hunt
We all know how bullish Alister Milne is and also we know how he goes out for bear hunt in bear market. Below is tweet by him comparing double bottom by S&P 500 and how the market reversed and had the biggest bull market in history and he compares that with current Bitcoin Chart and where we are headed next.