On-Chain Analyst May Have Found the ‘First Ever’ Bitcoin ($BTC) Bear

Matthew Hyland, an on-chain analyst who also does technical cryptocurrency analysis, has recently tweeted out he “might have found the first ever” Bitcoin ($BTC) bear, sharing a screenshot from the Bitcointalk forums where a user claims BTC isn’t “going ot make it beyond $3.”

The screenshot shows a message dating back to October 2011, when bitcoin was trading for next to nothing and the cryptocurrency’s community was still extremely small, and sees user “Proudhon” make his bearish prediction.

The price of the flagship cryptocurrency naturally broke through the $3 mark shortly after and has since exploded to hit an all-time high near $69,000 in November of last year. According to CryptoCompare data, BTC is now trading at $43,000 per coin.

Proudhon is notably still active to this day and now has a forum signature that says the price of bitcoin “can never be sustained over $50k.” While so far BTC hasn’t remained above the $50,000 mark for long, various analysts believe the cryptocurrency may go far beyond that point.

Thomas Lee, Co-Founder, Managing Partner and the Head of Research at independent research boutique Fundstrat Global Advisors, has suggested that as investors move away from bonds they may rotate to the cryptocurrency sector, which would help BTC’s price explode to $200,000.

Strategists at JPMorgan Chase led by Nikolaos Panigirtzoglou have similarly revealed they see Bitcoin’s current “fair value” at around $38,000 for now, while their theoretical BTC price target is at $150,000.

Nevertheless, Proudhon has been posting bearish predictions on the Bitcointalk forums over the last few weeks, in one of them saying the “bitcoin experiment has only proved that there is no other way to financial security one can count on into the future” after claiming to only be accumulating USD and stocks.

In another post, Proudhon says BTC’s price will “never read $120,000” and adds that “by November of this year the price of bitcoin will be lower than it is now.” His predictions also include saying BTC “won’t go above $45k at any point in 2022. Nor will it in 2023, 2024, 2025, and beyond. “

On social media, responding to the early bitcoin bear’s prediction, several users pointed to a response from ShapeShift founder Erik Voorhees, who simply said “fail” in response to the post back in 2011.

Voorhees is to this day a bitcoin bull, who also promotes other cryptocurrencies on his social media channels.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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