Bitcoin Critic Peter Schiff Says There Are No Signs of Bear Market Bottom Now
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Founder of SchiffGold and CEO of Euro Pacific Capital Peter Schiff has taken to Twitter to comment on the return of Bitcoin above the $20,000 level. He does not believe the growth will continue.
"$20K is the new $30K" for Bitcoin
Schiff has warned that Bitcoin holders should not get excited about BTC going back above the $20,000 line. He believes that $20,000 is "the new $30,000" and that such small rises are normal for a big decline. Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."
Schiff also stated that he does not yet see any signs of a capitulation that would signify a bottom of the current bear market for crypto.
Don't get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.
— Peter Schiff (@PeterSchiff) June 19, 2022
Several times earlier this year, Schiff shared a prediction that Bitcoin would fall as low as to test $6,000. Over the weekend, he tweeted that his earlier prediction of the cryptocurrency market dropping below the $800 billion mark had been confirmed, but it took a few more days and altcoins held up better than he expected them too.
"Gold has risen 40% since 2017 unlike BTC"
The SchiffGold founder also pointed out that, at the moment, Bitcoin has gone down below the all-time high of $20,000 reached back in December 2017. At the moment, as per Schiff, BTC sits 2% below that historic price level.
Compared to BTC, he tweeted, his favorite gold has gone down more than 40% since that time.
In Dec. of 2017 #Bitcoin hit a high of just below $20K. Bitcoin has been dead "money" for the past 4 1/2 years, as its current price is about 2% lower than it was then. In contrast, the price of #gold has risen by over 40% during the identical time period.
— Peter Schiff (@PeterSchiff) June 19, 2022
Yuri Molchan"Crypto has a future," Schiff says
Curiously, in an earlier tweet, Schiff admitted that "crypto likely has a future"; however, Bitcoin will not be included in it, he reckons.
Overall, he agreed that currently "a healthy shake-out" is taking place on the crypto market; however, the healthy part about it, he specifies, is that it is making the economy healthy, and it is not the crypto market itself that is getting stronger.
A lot of people in the crypto industry are saying that this crash is a healthy shake-out. I agree that it's healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it.
Related articles
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov