Peter Schiff, a well-known economist, has told Bitcoin holders ("HODLers") that they are being given a rare chance to exit their positions at a slightly better price before the asset crashes further.
He believes the "gift" is the liquidity allowing them to get out.
Earlier today, the leading cryptocurrency rallied to an intraday high of $89,194, but it is still down 29.3% from its record high.
The worst kind of decoupling
In another social media post, Schiff contends that the market has finally realized that precious metals are the true hedge against inflation and economic instability, while Bitcoin is failing to perform that role.
Bitcoin is often marketed as "uncorrelated" or "digital gold". However, Schiff argues that Bitcoin has decoupled in the worst way possible. Schiff claims that people who bought BTC over the past four years would have been much better off owning silver instead.
More volatility?
As reported by U.Today, Bitcoin is set to experience its largest-ever options expiry, with approximately $28 billion in contracts being due for settlement.
The expiry day itself is expected to be price-stagnant since market makers suppress volatility to maximize profits around the "max pain" price. However, once this suppressive weight is lifted, the market could see a sharp return of volatility. Based on historical trends, a potential explosive rally in January is possible if there is no significant negative news.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team