Matthew Hyland, a Bitcoin ($BTC) on-chain analyst who also conducts technical cryptocurrency research, recently tweeted that he “may have identified the first-ever” Bitcoin ($BTC) bear, providing a screenshot from the Bitcointalk forums where a member predicts BTC won’t “make it above $3.”
The screenshot depicts a message from October 2011, when bitcoin was trading for pennies on the dollar and the cryptocurrency’s community was still very small, and user “Proudhon” makes his negative prognosis.
The price of the flagship cryptocurrency quickly surpassed $3 and has since soared, reaching an all-time high near $69,000 in November of last year. BTC is currently trading at $43,000 per coin, according to CryptoCompare data.
Proudhon is still active today, with a forum signature stating that the price of bitcoin “can never be sustained above $50k.” While BTC hasn’t stayed above $50,000 for very long, some analysts predict the cryptocurrency might go much higher than that.
As investors migrate away from bonds, Thomas Lee, Co-Founder, Managing Partner, and Head of Research at independent research boutique Fundstrat Global Advisors, has suggested that they may go to the cryptocurrency sector, causing BTC’s price to skyrocket to $200,000.
JPMorgan Chase strategists led by Nikolaos Panigirtzoglou have similarly stated that Bitcoin’s current “fair value” is at around $38,000, with a potential BTC price objective of $150,000.
Nonetheless, over the last few weeks, Proudhon has been making bearish predictions on the Bitcointalk forums, one of which stated that the “bitcoin experiment has only proven that there is no other way to financial security one can count on into the future,” despite claiming to only be accumulating USD and stocks.
In another article, Proudhon claims that the price of bitcoin will “never read $120,000” and that “the price of bitcoin will be lower than it is now by November of this year.”
He also predicts that Bitcoin “won’t move above $45k at any point in 2022.” “It won’t happen in 2023, 2024, 2025, or beyond.”
Several commenters linked to a reaction from ShapeShift creator Erik Voorhees, who simply said “fail” in response to the post back in 2011, as a response to the early bitcoin bear’s prediction on social media.
Voorhees is to this day a bitcoin bull, who also promotes other cryptocurrencies on his social media channels.