Crypto Twitter analysts are turning bearish on bitcoin following the most recent market crash in response to the global coronavirus pandemic. 

Following the sudden market crash for cryptocurrency, which saw the price of bitcoin dip below $4,000 in the worst single-day selloff in history, analysts on Twitter are beginning to turn bearish. While BTC was previously approaching $10,000 in anticipation of May’s halving event, the outlook for bitcoin is now being called into question. 

Twitter analysts posted a combination of exacerbation and humor, with some in disbelief over quickly bitcoin lost gains built over the last year. 

Some are suggesting that bitcoin may struggle to find investor confidence following the crash, with mainstream and institutional buyers unwilling to risk the market’s volatility.

Others took a more rational point of view, explaining the sell-off was an attempt to hold cash amidst the broader economic downturn. While bitcoin was viewed as a safe haven asset in the event of a global market crash, stocks have managed to rebound somewhat since the midweek panic. 

Twitter analyst PlanB, who gained renown for the application of stock-to-flow (S2F) to bitcoin, argued that the cryptocurrency was still fluctuating within the mode’s predicted price range despite the market crash. The analyst said the volatility was shaking out “the weak hands.”

The cryptocurrency fear and green index, which aggregates market sentiment from a broad range of sources, has shown “Extreme Fear” for the last week. While crypto prices have continued to fall, more fearful ratings on the index have historically proven to be buying opportunities for willing investors. 

Andreas Antonopoulos also weighed in on the market crash, calling the volatility a product of industry’s focus on institutional investors. 

Antonopoulos also responded to users concerned over the outlook for cryptocurrency miners who maintain the blockchain. While the current breakeven point for bitcoin miners is $6800, analyst firm Tradeblock predicts costs will increase to $12,500 following May’s halving. 

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