Crypto Twitter | Community teases SOL returning to $3, SBF: I'll still take it for three bucks! Reasons for Su Zhu's bullish view?
Since hitting a new high on 11/10, Bitcoin has nearly halved in value. Not only are Taiwanese cryptocurrency trading groups affected, but the Twitter crypto community is also filled with lamentations. Some responses are humorous, while others take the bear market seriously. Here is a compilation:
Table of Contents
Benson Sun
FTX community partner Benson summarized the factors behind this recent decline on Twitter, pointing out that unlike the deleveraging drops on 9/7 and 12/4 last year, this time it is purely due to large holders continuously selling off, creating new lows without strong rebounds. There were no massive liquidations or system crashes, and although the futures market's liquidation volume is low, the downward trend continues.
He speculated that some non-native cryptocurrency institutions might be reallocating funds to Bitcoin as a hedging tool, needing to adjust positions during the U.S. stock market declines, hence selling off Bitcoin.
Cryptocurrency trader Cobie
In Cobie's poll, it shows that retail investors are more inclined towards a bearish trend, with 51.5% believing Bitcoin will first reach $20,000, while 48.5% think $50,000 has a better chance, with a total of 63,168 votes cast.
Coin Center Communications Director Neeraj K. Agrawal
My friends no longer make fun of me; they are starting to console me, as if my life is falling apart.
The Block founder Mike Dudas
My family's perception of me is that I am a top cryptocurrency investor, with coin prices reaching historic highs and seemingly only going up.
EthHub co-founder Anthony Sassano
Ethereum staunch supporter, sassal, who has always believed that Ether's price is undervalued, stated:
I'm pausing the strategy of buying ETH daily, accumulating funds to target panic sales below $2,000. Long-term, it's still super bullish, just don't want to miss out on those super cheap ETH.
Three Arrows Capital co-founder Su Zhu
Note that the macro downtrend structure more closely resembles that of March 2020 rather than the downturn seen in high-risk environments in 2018. Additionally, there were three rate hikes during the epic bull market in 2017.
Su Zhu also shared his views on market tops and bottoms.
Market Top:
- Community resilience emerging within days to weeks is highly adaptable and resilient.
- Web VCs start posting a large number of crypto-related tweets.
- Novice investors consider Bitcoin completely unimportant.
Market Bottom:
- Focus on potential downside factors, ignoring potential positives.
- Only place buy orders significantly below market price.
- A surge in technical analysis tweets.
FTX founder Sam Bankman-Fried
Analyst CoinMamba suggested that based on this downward trend, there might be a chance for oneself to buy back all holdings at $3 for SOL. SBF retweeted and replied:
I'm still bidding at $3 if anyone is interested.
The $3 SOL reference originates from SBF's tweet on 1/10 last year, where he expressed willingness to buy SOL at $3 regardless of how much CoinMamba holds. Since then, SOL has surged, making this tweet a classic.
During the recent decline, MicroStrategy CEO Michael Saylor and El Salvador President Nayib Bukele jokingly posted pictures of themselves in McDonald's uniforms on Twitter.
There were also more serious tweets, with Bankless co-founder Ryan Adams believing that a 50% drop can accurately distinguish between tourists and residents; Aave founder Stani Kulechov stating:
Welcome bear market, I will use this to create more things when you arrive.