BTC Bears Just Died Nearly 500 Times As They Bottomed

Well-known Indian author Chetan Bhagat wrote a column declaring that crypto is dead. Is it a down sign?

Article Renowned author Chetan Bhagat focuses on how crypto is dead due to the collapse of FTX. He expressed his strong anti-crypto opinion, saying that crypto is like communism that promises decentralization but ultimately leads to power in the hands of a select few.

Crypto is never coming back. it’s done. Please don’t waste your money on that. This is not an investment. Stay away from bitcoin, and get yourself some commonsense coins!

Chetan Bhagat

Bitcoin has been declared dead 465 times.

Bitcoin has been declared dead 465+ times, according to a page at 99Bitcoins that counts the total number of reported bitcoin obituaries. The Underground Economist made the first such report with the headline, “Why bitcoin can’t be a currency When the price of bitcoin was $0.23. The article is not live today.

Satoshi Stacker, a renowned crypto analyst, Predicted As more and more people hear about the damage caused by FTX, there will be more reporting on “Crypto is Dead”.

is below?

crypto community believes that such articles are a signal to the bottom. FUD (Fear, Uncertainty and Doubt) is usually at its peak during a market bottom. The frequency of articles claiming the death of crypto increases. The chart below shows that most articles were written with a bearish sentiment when the market was preparing to rally in November 2013.

bitcoin bottom
Source: 99Bitcoins

Similarly, 93 deaths were reported in 2018 when the market bottomed. Various reports in 2020 claimed that bitcoin was useless, dead, and rat poison. The exception to this was in 2017 when over 124 articles were written declaring crypto dead due to the many restrictions on crypto exchanges, Initial Coin Offerings (ICOs) in China.

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