Bitcoin might be stuck in a rut, but Edward Snowden believes that BTC might see a possible repeat of March 2020 when the coin lost more than 50% of its value due to the outbreak of the coronavirus before pumping to $65k in May 2021 and tapping an all-time high of $69k in November.
“…For the first time in a while, I’m starting to feel the itch to scale back in’, Snowden said indicating that the bottom is near but warned of further trouble.
A price chart that Snowden included with his tweet depicts the last time he made a comparable Bitcoin prediction close to the bottom of a bear market.
The ex-NSA and CIA agent followed up with more tweets, saying, “When most people say “this is not financial advice,” they’re lying, but this is actually not financial advice, since I have zero financial education and no idea what I’m doing”.
Snowden who is closely associated with the creation of zcash, a leading privacy-protecting cryptocurrency has numerous times expressed his fascination for the dominant asset.
The IT specialist has been on the run since releasing the NSA papers in 2013, seeking asylum in Russia. In October 2020, Vladimir Putin gave him unlimited permanent residency and on September 26, 2022, he was granted Russian citizenship.
He has been a fervent supporter of Bitcoin throughout, and in December 2020, when the decentralized finance [DeFi] token first topped $20,000, its all-time high [ATH], he was among the well-known figures supporting it.
Not only Snowden, but many industry bigwigs such as Elon Musk too recently threw their weight behind BTC. As reported by TronWeekly, Musk believed that BTC’s days are not over despite a “long winter”.
Bitcoin’s Fall Is Nothing Extraordinary- Expert
BTC dropped by 25% in days as a result of the bankruptcies affecting FTX, Alameda Research, and probably other significant crypto firms.
Even for trading analysts such as Stockmoney Lizards, BTC will bounce back from the FTX implosion just like it has from other setbacks which it termed as “Black swan Events”.
An accompanying chart highlighted similar “black swan” moments in the past, dating back to the 2014 Mt. Gox breach.
Two other notable events were the hack of the exchange Bitfinex in 2016 and the March 2020 COVID-19 market crash.