“Bitcoin’s Current Price Bump Is A Bull Trap As Nothing Drop In Straight Line”: Peter Schiff Says After BTC Dropped Below $20,000

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The weekend saw Bitcoin (BTC) and Ethereum (ETH), the top two prominent digital currencies, experience a slump in value below $20,000 and $1,000, respectively. However, the market looks on its way to recovery as BTC is still working on stabilising the $20,000 support.

Nevertheless, Peter Schiff, a heavy critic of cryptocurrency, believes that the people should not base their hope on the recovery because it is not a positive sign for the BTC market.

The gold supporter believes that the recovery is a bear trap, a price spike that could mislead people into thinking a bull run is on the way, only for the crypto coin to tumble down again.

BTC Crash Looks Orderly

To back up his analysis that the slight price surge is a false alarm, Peter stated on Twitter that the recent slump in BTC price seems to be orderly, saying that prices do not fall in a straight line.

For instance, crypto prices seem to sway up and down a certain point before either consolidating the support or falling to pressure to establish a lower support point.

According to Peter, the dynamics that usually inform a price bottom in a bear market are missing in the Bitcoin market, suggesting that the base is already in the market.

Related: Bitcoin Price Slumps Below $20,000 For the First Time Since 2020 as Ethereum and the Rest of the Market Dips

In his tweet on June 11, Schiff stated that Bitcoin would crash below $20,00, and Ethereum would take the same step below $1,000. 

So far, the $20,000 estimate seems to have been the ultimate support for BTC. However, the support collapsed over the weekend when the value fell to around $18,000, giving many traders and analysts much to think about.

Read More: Analyst Says Bitcoin Could Fall Even Further as a Price of Less Than $20K Could Trigger Threatening Margin Calls Worth Millions of Dollars