Bitcoin suffered a 3% fall, sending the digital asset under $7,000 and causing the bitcoin going to zero narratives to thrive on Twitter. The bottom is every time scary and almost nobody wants to buy it.
The greed & fear index shows 23% which means there is extreme fear in the crypto markets.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
Here are some tweets from the last days that show the narrative that repeats every time we experience the bottom.
Well, Bitcoin has stabilized at almost exactly $7,000/coin. I’m tired of waiting for a jump, so I’m taking the loss and getting my cash back pic.twitter.com/cwq8bokCRI
— Rhythm (@Rhythmtrader) December 16, 2019
Plebs who entered crypto in the last 2 years have spent 90% of their time in a bear market.
They are scared & have forgotten how
much crypto can pump.
Most of them have already quit or will exit crypto too soon.
They will never experience daily parabola gains of over 20%. Sad.
— Bitcoin Macro (@BTC_Macro) December 14, 2019
Bottoms always feel bad.
Are we there yet? Hard to know.
Sentiment is terrible, people are agitated, wives are telling you #bitcoin is going to zero.
Time to be a seller? No
Time to hold and buy more? Yes. https://t.co/uoBdbkcVHo
— BitcoinTina☣️- “TINA” [Jan/3➞₿🔑∎] (@BitcoinTina) December 13, 2019
Bitcoin is going to zero
— crypto Jack ☘ (@Bitcoinings) December 12, 2019
— merciPAHMPIT (@CryptoPahmp) December 16, 2019
Bitcoin is going to ZERO hahaha
— Majin (@majinsayan) December 11, 2019
At first I was happy and thought #cryptotwitter as a place for a lot of learning and intellectual ppl but now this all just everytime $btc goes down we’re going to zero, everytime #btc goes up we’re going to moon. Must be easy for newbies entering the #crypto space rn 🤣 #bitcoin
— Malcolm (@paskalien) December 13, 2019
However, a more objective analysis comes from Crypto analyst DonAlt who thinks than one more selloff shakeout before going long.
Lines so accurate they obstruct current price action.
I’d love (and expect) to see another big violent sell-off to get involved but I could see this bounce early. pic.twitter.com/YSa2JfpJAb
— DonAlt (@CryptoDonAlt) December 16, 2019
Bitcoin has been declared dead hundreds of times in his 10 years of life and it was exactly these times where it was the best time to buy the digital asset. Time will tell but this might be the last dip in the 2 years-long bear market.