Prices of $42,000 per Bitcoin were more than enough ammunition for well-known Bitcoin bears to reload.
As the Bitcoin (BTC) price slides to 2022 lows, the Bitcoin bears have come out to play. Popular names in the BTC space including Sam Bankman-Fried and John Carvalho heeded words of caution overnight, while gold bug Peter Schiff and eternal pessimist CryptoWhale were keen to kick the coin while it was down. A liquidation cascade on Jan. 6 took out more than $318 million BTC positions of which over 88% were long. The price corrected to circa $42,500 per BTC. News of a mining ban in Kazakhstan and the Federal Reserve’s decision to hike rates were likely causes for the slump in crypto market confidence.Long-standing gold proponent and crypto skeptic Peter Schiff tweeted that if “Bitcoin breaks $42K it’s headed to $30K. If it breaks $30K it could crash to $15k. All this might happen very soon.” He encouraged BTC leverage
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