“Bitcoin Is In The Early Stages Of A Brutal Bear Market”, Says Critic As BTC Risks Plunging Below $40k

Bitcoin has been getting a lot of criticism from skeptics, who in the usual fashion point out the possible pushback that the benchmark cryptocurrency is likely to face. Bitcoin’s failure to begin the year on a bullish note has been interpreted by cynics as a sign that the asset has reached its peak.

Putting it in words was the popular Bitcoin skeptic CryptoWhale, who although is a Bitcoin investor, still disparages the asset from time to time.

In a recent tweet, he’s quoted below;

“Unpopular opinion: Bitcoin is in the early stages of a brutal bear market and will never surpass all-time highs again.”

Bitcoiners have taken to Twitter to collectively reiterate that Bitcoin will surpass the observer’s expectations. Spencer Schiff, a 19-year old Bitcoiner, who is also the son of the popular Gold proponent and Bitcoin critic Peter Schiff responded by saying that even his dad would not have such bearish expectations for Bitcoin. “Have fun getting humiliated when the all-time high is inevitably breached.” he added.

Interestingly, Peter Schiff also had bearish tales similar to CryptoWhale’s. Tweeting to his 616,000 Twitter followers, he explained that Bitcoin’s failure to kick off a price rally should be alarming to the market.

“Bitcoin failed to rally today along with other risk-on assets. This should be a major concern for the bulls. If speculators would rather put their chips elsewhere, and conservative investors stay away, who is left to buy Bitcoin? Today’s HODLers are likely tomorrow’s bagholders.”

Is Bitcoin Out Of Tops?

Analysts will disagree that Bitcoin has hit rock top already. In fact, in the near term, $100,000 remains the price mark that Bitcoin is expected to smash. However, the same key players predicting this big move still maintain that Bitcoin could be hit by a bearish wave.

PlanB, who was bullish on Bitcoin for the most part of 2021 has wavered on his BTC outlook.

As his tweet noted, Bitcoin can only either go upwards or downwards from here. If the asset goes down from its current price, we could see the asset drop below $40,000.

There’s no telling how low Bitcoin could go from there. In the same way, if the asset makes an upswing, there’s no telling how high Bitcoin could go. But proponents like El Salvador’s Nayib Bukele and the founder of Nexo, Antoni Trenchev strongly believe Bitcoin will certainly tap $100,000 this year.