Bitcoin Hater Peter Schiff Was Surprised To See The Cryptocurrency “Holding Up This Well”
Peter Schiff, an investor, podcaster, and chairman of SchiffGold, took to Twitter to comment on Bitcoin’s near-weeklong stay in the $30,000 range.
He does not anticipate it will continue much longer, however. Meanwhile, the leading cryptocurrency has fallen to around $29K-$30K.
“A bull trap to lure in more buyers”
Schiff expressed his amazement that Bitcoin is holding up “this well” in a tweet, but cautioned BTC hodlers not to become too cocky.
This, according to a renowned Bitcoin critic, could be a trap to enable more purchasers in before BTC pulls them all down by portraying another large price drop. He cautioned that the market rarely provides investors with enough time to buy Bitcoin on the cheap.
“Ominous combo” on Bitcoin chart
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 $29,974 according CoinCu:
Santiment: Bitcoin is still in a bear market
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 recent historic rate hike by the Fed, as well as the collapse of Terra’s blockchain and two of its tokens—LUNA and algorithmic stablecoin UST—have generated market turbulence.
Although the Terra network has been halted, its founder Do Kwon has proposed a hard fork to remove the “faulty” chain, designating it Terra Classic (with LUNA Classic, LUNC, as a native coin) and renaming the freshly forked blockchain Terra, with the name LUNA carrying on to its coin as well.
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