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Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

ByBit
  • Alex Dovbnya
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    Peter Schiff adds fuel to the fire while the Bitcoin price is dropping like a rock

Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"
Cover image via www.123rf.com
Contents

Euro Pacific Capital CEO Peter Schiff was quick to comment on the latest Bitcoin price drop. According to Schiff, the pump is finally over, and now it's time for the dump that the bears have patiently been for. 

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Bitcoin dropping below a critical level   

At the time of writing, the top coin by market capitalization is changing hands at $8,719 after experiencing a sharp drop at about 13:15 UTC.  

Bitcoin Price
image by coinstats.app

The bears finally have the ball in their court after breaking below the $8,900 level after trying to achieve this for weeks. Even seen Bitcoin surged by more than 30 percent on Oct. 25, it has been stuck in the same trading range with several fakeouts. 

Market analyst Jim Wyckoff recently predicted that Bitcoin could experience another major price move due to the collapse in volatility. Now, it seems like the bulls are positioned to experience more pain (at least in the short-term). 

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Schiff's unrelenting bearishness 

Of course, it should be mentioned that doing Bitcoin price predictions is certainly not Schiff's biggest talent. The chronic crypto critic was heading to $2,000 or even $200 just days before the orange coin registered its third biggest daily gain. 

Later, the famous gold bug took to Twitter to save his face by saying that Bitcoin was being manipulated by whales.  

It remains to be seen whether Schiff will be spot-on with his latest bearish forecast, but it's clear that Bitcoin lives rent-free in his head. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

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.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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