Bitcoin is unlikely to reach new highs, but rather continue to fall towards $10,000 and below. Peter Schiff, president of Euro Pacific Capital, said this in an interview. Kitco News.
According to him, the current growth of the cryptocurrency market, including the 70% increase in the price of Ethereum since the beginning of July, is not sustainable. He called it the “Suckers Rally”.
“The market will fall. I think people should take advantage of the rally we have now and leave. Many are still in profit in these tokens. Someone bought bitcoin four, five, six years ago and he is in a good plus. The same with Ethereum. People have to leave because otherwise the market will take these profits,” says the gold advocate.
Schiff reaffirmed his view that the crypto market is in a bubble despite the bitcoin price drop of about 65% from its highs. Those who manage to get out of it will win, the investor emphasized.
According to him, the fall in the market this year was the result of the large-scale Pump & Dump scheme.
“There were celebrities, like athletes or actors, who signed up to promote this or that coin to their Instagram followers, for example. It was a massive pump, but people do not notice it, ”he said.
Recall that in early May, Schiff predicted a fall in bitcoin to $10,000 in the event of a sharp breakout of the $30,000 level.
After the failure of quotes on May 11 below the indicated mark, he suggested that the price would test $8,000.
Digital gold traded near $30,000 for about a month before dropping below $23,000. Against this background, Schiff updated his forecast for the Bitcoin bottom, drawing attention to the support level at $5,000.
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Bitcoin is unlikely to reach new highs, but rather continue to fall towards $10,000 and below. Peter Schiff, president of Euro Pacific Capital, said this in an interview. Kitco News.
According to him, the current growth of the cryptocurrency market, including the 70% increase in the price of Ethereum since the beginning of July, is not sustainable. He called it the “Suckers Rally”.
“The market will fall. I think people should take advantage of the rally we have now and leave. Many are still in profit in these tokens. Someone bought bitcoin four, five, six years ago and he is in a good plus. The same with Ethereum. People have to leave because otherwise the market will take these profits,” says the gold advocate.
Schiff reaffirmed his view that the crypto market is in a bubble despite the bitcoin price drop of about 65% from its highs. Those who manage to get out of it will win, the investor emphasized.
According to him, the fall in the market this year was the result of the large-scale Pump & Dump scheme.
“There were celebrities, like athletes or actors, who signed up to promote this or that coin to their Instagram followers, for example. It was a massive pump, but people do not notice it, ”he said.
Recall that in early May, Schiff predicted a fall in bitcoin to $10,000 in the event of a sharp breakout of the $30,000 level.
After the failure of quotes on May 11 below the indicated mark, he suggested that the price would test $8,000.
Digital gold traded near $30,000 for about a month before dropping below $23,000. Against this background, Schiff updated his forecast for the Bitcoin bottom, drawing attention to the support level at $5,000.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
