Twitter users doubt Bitcoin has bottomed

The Bitcoin bear market has not yet reached its final stage, and investors should prepare for further declines. This view was voiced by some participants in a Cointelegraph Twitter poll.

It’s probably not the bottom. Be ready for bitcoin to go lower. This winter will be hard.

— Crypto Joker///BTC,ETH,AVAX (@Mirna_lesvi) September 22, 2022

Most likely this is not the bottom. Be ready for Bitcoin to go lower. This winter will be hard,

wrote one of the survey participants.

Another user added to the thread his September 22 tweet, in which, on the daily chart, he jokingly labeled \”every Bitcoin bottom\”.

😂👇 https://t.co/S6qwp5qShJ

— The Crypto Native 🏝️ (@thecryptonative) September 22, 2022

A more serious analysis will be provided by the user under the pseudonym btc_MasterPlan.

Not yet pic.twitter.com/dMKCr6kufk

— Master Kenobi (@btc_MasterPlan) September 22, 2022

This is not yet the bottom, but if you want to buy now and hold the position, that’s also normal,

wrote one of the commentators.

However, there were those who were more optimistic. The BlockCapt account expressed hope that the price of the leading cryptocurrency had reached the bottom, \”to resume the fun that has long been paused.\”

We don’t know unless we leave the $25k zone yet. But I’m hoping this is already the bottom so the fun can resume that’s been paused a long time 😏

— BlockCapt — One Way Solution (@BlockCapt09) September 22, 2022

Another user suggested that Bitcoin has a \”sharp turn\” ahead.

seems like we have a sharp curve ahead🚀

— AlphaBatem Labs (@AlphaBatemlabs) September 23, 2022

On September 21, Bitcoin fell below the $19,000 level after the United States Federal Reserve meeting. The regulator raised the target range for the federal funds rate by 75 basis points to 3–3.25%, and said it would continue reducing its holdings of Treasuries and mortgage-backed securities.

As of writing, the leading cryptocurrency had returned to above $19,000. In the last 24 hours the asset was down 1.2%, according to CoinGecko.

In early June, BitMEX co-founder Arthur Hayes said that Bitcoin, trading around $30,000, reached the bottom of the current cycle.

Following the June 14-15 meeting, the Fed raised the federal funds rate by 75 basis points for the first time since 1994. The rate reached 1.5–1.75%, and Bitcoin reacted with a brief rally to $22,000, before crashing below $18,000.

Then, famed crypto critic and gold advocate Peter Schiff doubted that Bitcoin’s return above $20,000 signaled that it had bounced from the bottom.

In August, former Cramer & Co. hedge fund manager and CNBC’s Mad Money host Jim Cramer said that tightening monetary policy by the Fed would lead to a \”washout\” of speculative assets like cryptocurrencies.

Nassim Taleb, the philosopher and author of The Black Swan, described Bitcoin as a ‘tumour’, the result of the Fed’s accommodative monetary policy.

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