Following the recent rally that has pushed Bitcoin (BTC) back above the psychologically important level at $70,000 and near the resistance that could catapult it further up, economist and Bitcoin skeptic Peter Schiff has retained his skepticism around the maiden cryptocurrency.
As it happens, Schiff said that the goal of Bitcoin’s recent “overnight” pump that has followed gold’s rally to new all-time highs (ATHs) was to “sucker [exchange-traded fund (ETF)] investors into buying the gap up,” telling his followers to “get ready for the dump,” in his X post on April 8.
It looks like #Bitcoin got pump up overnight following the #gold rally to new record highs, to sucker ETF investors into buying the gap up. Get ready for the dump.
— Peter Schiff (@PeterSchiff) April 8, 2024Commenting on the American economist’s post, crypto journalist Willy Woo made a counter-argument, stating that it wasn’t a pump, but in fact, that the flagship decentralized finance (DeFi) asset was finalizing its consolidation process under the ATH.
Bitcoin price 7-day chart. Source: Finbold
Furthermore, several crypto trading experts have offered their BTC price prediction between $100,000 this year and a bewildering $1,000,000 in 2025. However, doing one’s own research and weighing all the risks is critical before investing any significant amount of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
