CEO of Euro Pacific Capital Peter Schiff, expressed that Bitcoin might never touch $69,000— its all time high again. In an interview with David Lin, Anchor for Kitco News, The CEO argued that what will occur will in fact be a decline towards $10k.
An unsustainable rally
The 59 year old stock broker in the interview relayed that the ongoing rally is not sustainable and thinks people should take what they can at the moment and flee. In what he termed a “sucker’s rally”, Schiff reiterates that the gains in the markets now won’t last.
The market is going to plunge. I think people should take advantage of the rally they’ve got right now and get out. A lot of people still have profits in these tokens. People bought Bitcoin four, five, six years ago, and they have big profits. Same thing with Ethereum. People should get out, because otherwise the market’s going to take those profits,” Schiff said.
He stood firm on his previous claims where he expressed that the crypto market is in a “bubble”, and called out what he called massive pump and dump schemes where celebrities are contracted to promote coins. Schiff said people ignore the results of these schemes which is almost usually a dump.
Michaël van de Poppe weighs in on Bitcoin’s current situation
Famed analyst Michaël van de Poppe has also agreed that the current rally might not be indicative of a comeback. In a recent tweet, he said,
“The entire collapse of the crypto markets started when LUNA happened, which was when BTC was swinging around $37,000. Nasdaq is back to May levels, while Bitcoin is still down 20% from there. Not the strongest bounce, still lots to gain and to earn.”
BTC is trading at $23,872 as at press time, down 2.50 percent over the past day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
