”Bitcoin is crashing from $350K to $200K.”
Since Bitcoin has started its long journey south with the overall market, crypto Twitter has been running hot. The discussions about whether BTC is finally dead, whether the bottom has finally been reached or whether we are facing a long crypto winter at the beginning have not stopped since then.
Long-established Bitcoiners, especially supporters of the Halving cycle theory, can not be put out of their peace. In the long run, according to the widely held opinion, it will eventually go up again.
Dan Held, Director of Growth Marketing at the Kraken stock Exchange, sums up this view. In a tweet, he prophesies:
The headlines in five years: Bitcoin crashes from $350,000 to $200,000. Is crypto finally dead? Happens every time.
Dan Held
Headlines in 5 years:
“Bitcoin crashes from $350K to $200K. Is crypto finally dead?”
Happens every time. 🙄
– Dan Held (@danheld) June 23, 2022
Of course, not everyone shares this bullish view. The Twitter return carriage follows at the foot:
Headlines in five years: Do you remember Bitcoin?
Guitarrista Azul, Random-Twitter-Guy
Headlines in 5 years: Do you still remember bitcoin?
– Guitarrista Azul (@GuitarristAzul) June 24, 2022
“Anyone Waiting to Buy Bitcoin under $10,000 will Buy $BTC over $100,000”
Where we are already at bull food. To time the market is, according to most experts, almost impossible. Here is what the vernacular likes to proclaim: afterwards you are always smarter. But to know beforehand how low Bitcoin is falling and where the bottom is is almost impossible. Whoever makes it, is just lucky.
This is also how the unknown Crypto Rover sees it. He proclaims:
Anyone waiting to buy Bitcoin under $10,000 will buy Bitcoin over $100,000.
Crypto Rover, Twitter Crypto Expert
Why he might actually be right, you will find out immediately.
“I love bear markets”
In case anyone has forgotten or does not know yet: the supply of Bitcoin is halved every four years. This means that Bitcoin miners only get half as many BTC for successfully mined blocks as before. The last halving was on May 11, 2020, the block reward was reduced from 12.5 BTC to 6.25 BTC.
This happens until (almost) all 21 million BTC are on the blockchain. In the past, after each halving, sooner or later, the bulls got on their toes to push the Bitcoin price to unprecedented heights. At the last halving, it boosted the BTC price from just under $ 8,700 to over $ 28,000 by the end of 2020 – and thus by more than 220 percent northwards.
After these post-halving bull runs, things went downhill in the past, the prices collapsed and the bulls got a lot of nuts from the bears.
Bitcoiners speak in this context of the so-called halving cycles. Roughly speaking: Bitcoin explodes, Bitcoin collapses, Bitcoin is halved – and it starts all over again.
An adherent of the theory of cycles, apparently, is also Anthony Pompliano. In a recent tweet, he confirmed that everything was fine:
I love bear markets. The critics chirp. The tourists are gone. The mob stacks up. Bitcoin is unimpressed. Sucks it all in. Life is good. The cycle continues.
Anthony Pompliano
I love bear markets.
The critics are chirping.
The tourists have left.
The plebs are stacking.#bitcoin is unfazed.
Soak it all in. Life is good.
The cycle continues.
– Pomp 🌪 (@APompliano) June 23, 2022
What remains to be said: The next halving is on May 3, 2024. Good Hodln!
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