Main navigation

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

News
Thu, 05/19/2022 - 09:38
article image
Yuri Molchan
Prominent Bitcoin critic did not expect BTC to hold up for a long time but warns hodlers not to get "cocky"
BTC Hater Peter Schiff Surprised Bitcoin "Holding Up This Well"
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

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.

article image
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.