Vocal Bitcoin opponent has announced that “Bitcoin’s dead cat bounce is over” soon and named the conditions which he believes might make it real soon
Peter Schiff, a famous Bitcoin critic, has taken to Twitter saying that gold is likely to rise soon and Bitcoin’s short-term rise would be over, explaining the possible reasons.
This is not the first time the founder of SchiffGold is promising “the end of Bitcoin” soon and naming potential or expected reasons for it.
“Bitcoin’s Dead Cat Rebound” Is Nearly Over, Here’s When, by Schiff
In his tweet, the major gold bug reminded the public that the price of crude oil reached the $106 level and said he expects it to hit $140 next.
Gold, according to Schiff, is likely to be the next asset to soar. As soon as it rises to $1,950 from the current $1,924 price mark and surpasses $2,000, a new all-time high will be near.
After that, Schiff thinks, the dead cat bounce of the stock market and – more importantly for Peter Schiff, for Bitcoin – will be over.
In late January, Schiff wrote on Twitter that he expected the flagship digital currency to face a flash crash as soon as it crosses the $30,000 level on its way down. He posted that tweet when BTC plunged to $35,000.
Bitcoin holds over $44,000 as whales rack up 11.78 million BTC
Digital gold has been rising since February 28, when it rose from $38,000 to above the $40,200 line and then rose. On the same day, it hit a local high above the $44,000 level.
On March 1, Bitcoin managed to inch closer to recovering $45,000 by reaching $44,600 after a small decline.
At the moment, BTC is at the price level last seen on February 15. However, Bitcoin has been declining since November 10, when it hit an all-time price peak of $68,789.
BTC is down 40% since that all-time high at the moment.
According to reports from Glassnode and IntoTheBlock covered by U.Today on Tuesday, investors have been actively accumulating Bitcoin lately. Over the past 30 days, BTC wallets that first acquired Bitcoin over a year ago added 4.13% to their holdings. They now own a staggering $516,369,232,000 worth of BTC.
