SNX Founder Reflects on May Crash Tweet: "Still a Bull Market, Stay Calm" Predicts All-Time High in October

After several months of retracement, Bitcoin recently broke through the $50,000 mark again, a level not seen since 5/15. The founder of Synthetix also reflected on his tweets during the May crash, where he emphasized to everyone, "This is still a bull market, relax."

Bitcoin Hits New High in October

Synthetix founder Kain Warwick believes that the probability of a Bitcoin crash is decreasing, and October will see a new all-time high. He revisited a tweet from May on Twitter and stated:

After three months, we can almost stop talking about whether it's a bull market. Bitcoin's price can easily withstand a pullback to the $40,000 level and maintain its upward trend. It's clear that the probability of it crashing to $20,000 is very low, and after over 90 days of consolidation, this possibility is decreasing. Bitcoin will hit a new all-time high in October.

Three months later, ready to put this one to rest. We can comfortably withstand a pull back to 40k from here and maintain momentum. Obviously there’s still a very small chance we nuke to 20k but after 90+ days of grinding it’s looking less and less likely. New BTC ATH by October. https://t.co/ltybUjl6k0

— kain.eth (✨🔴_🔴✨) (@kaiynne) August 22, 2021

Kain Warwick also emphasized that one thing I will reiterate is that if we hit a new all-time high during this period, the subsequent price retracement will be one of the most brutal corrections ever, sarcastically saying:

Congratulations to all those coordinating FUD-related matters here, although you won't succeed.

At the beginning of this year, Bitcoin dropped from $41,000 to $28,732. At that time, Kain Warwick also explained his bullish view.

He believes that "deleveraging" is the main reason for the market correction, not profit-taking by early holders, and the signs of institutions entering the market are becoming more real. For his own Ether, he sold 5-10% of his position between ETH $500-$1200 and sold at target prices like $3,000 or higher, adding positions during pullbacks.

Greed Index: Extreme Greed

The continuous rise in Bitcoin has brought the Fear and Greed Index to a "Extreme Greed" level of 79, which is the same as the Greed Index when Bitcoin crashed from $60,000.

However, in the image above, the red box on the left represents the trend from August to November last year before Bitcoin surpassed $20,000, which is similar to the consolidation period of the past three months on the right.

Prior to this, Bitcoin analyst PlanB speculated based on his S2F valuation model that Bitcoin would still be at the $40,000 level in September and could reach $120,000 by the end of the year.