Bitcoin’s most recent price uptick has ruffled the feathers of gold bug Peter Schiff.
The crypto detractor has just tweeted that every dog, including “the fool’s gold,” has its day.
A high time to sell
As reported by U.Today, the price of Bitcoin recently surged to $7,800, its highest level since March 12. Schiff isn’t tired of repeating his piece of advice for those HODLers who look at the market through rose-colored glasses -- sell everything.
The esteemed crypto critic believes that the 10 percent price uptick is a great opportunity to sell your holdings before the mother of all crashes.
Schiff routinely likens Bitcoin to a pump-and-dump scheme that is manipulated by whales.
A sucker’s rally?
Despite Bitcoin touching its highest level since its March 12 crash, Bitcoin is still on shaky ground after an ugly rejection at the $7,800 level.
Many traders with the "sell the news" mentality are tempted to short Bitcoin ahead of the much-awaited halving that is going to happen on May 13. DonAlt, who predicted Bitcoin's price action in 2020, has just posted a scary chart with a target below $5,000.
However, even another strong upside move would not be impressive enough for Schiff. He recently mentioned that the cryptocurrency was supposed to be trading at $50,000 due to the COVID-19 crisis.