Advertisement
AD

Main navigation

BTC Hater Peter Schiff Surprised Bitcoin "Holding Up This Well"

Advertisement
Thu, 19/05/2022 - 9:38
BTC Hater Peter Schiff Surprised Bitcoin "Holding Up This Well"
Cover image via www.youtube.com

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.

Read U.TODAY on
Google News
Contents
Advertisement

Peter Schiff, investor, podcaster and chairman of SchiffGold, has taken to Twitter to comment on Bitcoin remaining in the $30,000 range for almost a week.

However, he does not believe it will last much longer. Meanwhile, the flagship cryptocurrency has dropped to the $29,100 zone.

"A bull trap to lure in more buyers"

In a tweet, Schiff wrote of his surprise that Bitcoin is holding up "this well," but he recommended that BTC hodlers not get too proud of that.

The prominent Bitcoin critic believes that this may well be a trap in order to allow more buyers to come in before BTC pulls them all down by showing another massive price fall. He warned that the market never gives investors so much time to buy BTC on the dip.

Related
Mike Novogratz Breaks His Silence on LUNA Collapse

Bitcoin chart shows "ominous combination"

Three days ago, Schiff stated that the Bitcoin chart was showing an "ominous combination" of bearish patterns. He named, in particular, the Head and Shoulders and Double Top, both demonstrating very negative signs for further movements of the leading digital currency on the market.

Several times earlier this year, Schiff tweeted that he expected Bitcoin to go well below the $10,000 level should a substantial crash of the price occur below $30,000.

At press time, Bitcoin is sitting at $29,088, dropping more than 2% in the past 24 hours.

Bitcoin remains in bear market: Santiment

The analytics team of popular on-chain data distributor Santiment has tweeted that if someone was hoping that the bear market for crypto were over, they are mistaken.

The new price pullback in the market is proof of that. Besides, Santiment has reminded its readers of a 3% decline of the S&P 500 index. According to the agency, Bitcoin remains highly correlated with the traditional equities market, it has remained so in 2022.

The market turmoil has been caused by a recent historic rate hike by the Fed and largely by the fact of Terra's blockchain collapsing along with two of its tokens—LUNA and algorithmic stablecoin UST.

Terra blockchain has been halted, but its founder Do Kwon has suggested a hard fork in order to leave the "faulty" chain, naming it Terra Classic (with LUNA Classic, LUNC, as a native coin) and naming the newly forked blockchain Terra, with the name LUNA passing on to its coin too.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles