Bitcoin plunges to $33,000, and many big Vs reach a "bear market consensus" New

After Bitcoin suffered a sharp drop last weekend, it ushered in a new round of declines on Monday. The price of the currency once fell above the $33,000 mark, but then rebounded slightly. According to Bitpush terminal data, as of press time, the price of Bitcoin was $34,502.14, a daily decline of 2.21%. In the face of the huge decline, a number of Bitcoin big Vs, including Bitcoin fanatic Michael Saylor, reached a "bear market" consensus and began to laugh at themselves. Zhu Su, founder of Three Arrows Capital, did not compromise with the market's volatility. He believes that the current market trend is very similar to that of March 2020, and that interest rate hikes do not mean that the price of the currency will definitely fall. He pointed out that the Federal Reserve raised interest rates three times in 2017, but Bitcoin still soared 20 times from $1,000 to a high of $20,000.

At the same time, a number of big Vs began to use the logos of major fast food chains to make fun of themselves. For a time, the big Vs had reached a consensus on the market trend, and the "bear market" seemed to have arrived.

PlanB, one of the most famous Bitcoin evangelists and creator of the S2F model, also tweeted on Monday, using the McDonald's icon to describe the current price trend of Bitcoin. McDonald's has always been synonymous with a sharp drop and a bear market in the cryptocurrency circle. PlanB's tweet seems to be hinting to his fans that although Bitcoin may return to its highs in the next few years, the current market has entered a bear market stage.

In addition to PlanB, another Bitcoin enthusiast Michel Saylor also tweeted yesterday, adding a Tahinis employee hat to his avatar P, and said that he "might work the night shift at Tahinis to save more sats (the smallest unit of Bitcoin)."

The Moon, an analyst who has been bullish on Bitcoin for a long time, also recently changed his Twitter name to The Floor, seemingly hoping to see Bitcoin reach bottom as soon as possible.

In addition to self-deprecating, some people have begun to look for clues to future market developments. On-chain data analyst Willy Woo tweeted that he had discovered some early signs of institutional capital inflows.

Zhu Su tweeted, “A reminder that the macro policy-induced market recession has more structural similarities to March 2020 than in 2018 (the 2018 cryptocurrency market recession occurred in a very risky environment). Another reminder is that during the largest cryptocurrency market rally in history in 2017, the Fed raised interest rates a total of 3 times in March, June, and December 2017, while Bitcoin soared from less than $1,000 at the beginning of the year to nearly $20,000 in December of that year.”

Jiang Zhuoer also believes that the interest rate hike will not affect the trend of the crypto market, because the cryptocurrency market is not sensitive to interest rate hikes. The average annual increase of the Dow Jones Industrial Average is 8%, which is largely affected by the interest rate of 0.25% or 2.5%. However, the prices of some cryptocurrencies can easily see a 10-fold increase. Basically, few cryptocurrency investors care about the interest rate of 0.25% or 2.5%.

Self-deprecation is self-deprecation, but those who dare to self-deprecate are often strong people, or people who have strong beliefs in Bitcoin. So from these perspectives, against the backdrop of Bitcoin's crazy dive, the self-deprecation of these big Vs is more like a firm belief that the Bitcoin bull market will continue. It's just a self-deprecating way of conveying a signal to investors that "the bull is still there."