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Bitcoin's Dead-Cat Bounce to Be Over Soon: Peter Schiff Explains When He Expects It to Happen

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Wed, 03/02/2022 - 12:01
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Yuri Molchan
Vocal Bitcoin opponent has announced that "Bitcoin's dead cat bounce is over" soon and named the conditions which he believes might make it real soon
Bitcoin's Dead-Cat Bounce to Be Over Soon: Peter Schiff Explains When He Expects It to Happen
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Peter Schiff, a famous Bitcoin critic, has taken to Twitter to say that gold is likely to surge soon and Bitcoin"s short-term rise would be over, explaining possible reasons for it.

This is not the first time the founder of SchiffGold is promising "the end of Bitcoin" soon and naming potential or expected reasons for it.

"Bitcoin's dead cat bounce" is over soon, here's when, per Schiff

In his tweet, the prominent gold bug reminded the audience that the crude oil price has surged to the $106 level and said he expects it to hit $140 next.

Gold, according to Schiff, is likely to be the next asset to soar. As soon as it rises to $1,950 from the current $1,924 price mark and surpasses $2,000, a new all-time high will be near.

After that, Schiff believes, the dead cat bounce of the stock market and – what is more important to Peter Schiff, for Bitcoin – will be over.

In late January, Schiff wrote on Twitter that he expected the flagship digital currency to face a flash crash as soon as it crosses the $30,000 level on its way down. He posted that tweet when BTC plunged to $35,000.

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Digital gold has been on the rise since Feb. 28, when it soared from $38,000 to above the $40,200 line and then went higher. On the same day, it reached a local high above the $44,000 level.

On March 1, Bitcoin managed to inch closer to recovering $45,000 by reaching $44,600 after a small decline.

At the moment, BTC is at the price level last seen on Feb. 15. However, Bitcoin has been going down since Nov. 10, when it reached a historic price peak of $68,789.

BTC is down 40% since that all-time high at the moment.

According to reports by Glassnode and IntoTheBlock covered by U.Today on Tuesday, investors have been accumulating Bitcoin actively as of late. In the past 30 days, BTC wallets that acquired Bitcoin over a year ago for the first time have added 4.13% to their holdings. They now own a staggering $516,369,232,000 worth of BTC.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.