Considering Bitcoin’s recent rally, American stockbroker and financial commentator Peter Schiff believes this may just be a “classic pump-and-dump” cycle.
Bitcoin rally sparks new speculation
Bitcoin price early Monday morning Crossed the $50,000 thresholdmarking the highest level the coin has reached in the past three years.
This rally sparked a market frenzy as investors started camping out for the coin. Much of the rise was due to large inflows into. Spot Bitcoin ETF The market totaled $1.1 billion over the past week.
While everyone else seems excited about Bitcoin’s rise, Schiff believes the move is more of a momentary emotion. Specifically, he called it “another classic pump-and-dump” and suggested it was a manipulative scam waiting to cause price spikes.
Peter Schiff opines that this is simply a tactic to attract more buyers and sell the overpriced assets at a profit, causing a price crash.
Experts’ pessimistic view of Bitcoin
This stance makes Mr. Schiff sound like Jim Cramer, the popular host of CNBC Mad Money. The TV personality has always been disparaging about the leading cryptocurrency and advised investors to sell their holdings. Last month, as Bitcoin prices began to move toward $40,000, Jim Cramer issued a subtle warning to investors, noting that: perfect time This is to allow investors to “deploy” their holdings.
Cramer previously said that even if Bitcoin’s price recovers, Bitcoin will not be able to sustain that recovery due to a lack of inflows. He made this statement when Bitcoin’s price rally cooled down. Reduced by more than 20% In January.
Beyond all these predictions, Bitcoin proved some of these market experts wrong. This coin continues to show positive sentiment, hinting at an upcoming bull market. As of this writing, BTC is trading at $49,898.38, up 3.40% in the past 24 hours.
The main cryptocurrencies are Another $60,000 Or even reach higher levels, as predicted by CryptoQuant CEO Ki Young Ju. Notably, a top crypto analyst declared that Bitcoin could soar to $112,000 this year on a very bullish basis.