Crypto Market Bearish: Will Bitcoin Dip Below $37k

  • The Crypto market is bearish due to external legal pressure.
  • Seasoned traders are sure that BTC and other cryptos will still win.
  • Many crypto believers share their thoughts via Twitter.

As the crypto market has gone bearish on us today, basic traders and investors are once again — to no one’s surprise, showing skepticism. Every time the market shows the slightest dip, the community panics in fear of their investments falling

Of course, the viewpoint is totally different when it comes to seasoned traders, long-time hodlers, and firm crypto believers. A Twitter post from the reputed crypto investor — Lark Davis, leads to an interesting thread.

From this, we can see that most seasoned traders are wary of the current trials the crypto market is facing. Still, they are sure of the power and capabilities of cryptos.

In particular, Lark Davis highlights some issues that plague the crypto industry. For instance, he talks about the upcoming infrastructure bill, China’s continued efforts to hinder crypto adoption, and other government efforts to limit crypto activities.

Many replies to the tweet speculate the cause for another dip. Some say this is because investors are dumping cryptos to take profits. However, this cannot be the case for many big cryptos like Bitcoin (BTC). Most Bitcoin holders have been and will continue to hold their assets.

Meanwhile, other related tweets include a steady and strong drive by other believers who continue to invest and hold crypto assets. For one, Nayib Bukele, the President of El Salvador tweets that they bought 150 more BTC. Now, the country holds 700 Bitcoins.    

This is a testament to the president’s faith in Bitcoin. He continues to buy BTC even after citizens marched out to protest its adoption as a legal tender. Bukele says Bitcoin will make remittance payments faster and cheaper, others say it will power corruption.

Another interesting tweet states that banks have been powering corruption for years but no one seems to care about that. Lark Davis chimes in again saying, “the government is obsessed with keeping people poor”.

Finally, Michael Saylor — CEO of MicroStrategy, tweets saying Bitcoin will win. In fact, he says that all forms of technology will be the ones that will come out on top. Specifically, he says the only losers will be antiquated technology and fiat credit. Lastly, he tweets that the most certain time for Bitcoin is when tomorrow is uncertain.      

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