Prominent Bitcoin critic did not expect BTC to hold up for a long time but warns hodlers not to get “cocky”
Peter Schiff, investor, podcaster and chairman of SchiffGold, took to Twitter to comment on Bitcoin staying in the $30,000 range for nearly a week.
However, he does not believe it will last much longer. Meanwhile, the flagship cryptocurrency has dropped to the $29,100 zone.
“A bull trap to attract more buyers”
In a tweet, Schiff expressed his surprise that Bitcoin is holding up “so well,” but he recommended BTC holders not be too proud of it.
The prominent Bitcoin critic believes that this may well be a trap in order to allow more buyers to come in before BTC pulls them all down by showing another massive price fall. He warned that the market never gives investors so much time to buy BTC on the dip.
Bitcoin Chart Shows “Disturbing Combination”
Three days ago, Schiff said the Bitcoin chart showed a “worrying combination” of bearish patterns. He named, in particular, the Head and Shoulders and the Double Top, both showing very negative signs for further moves of the leading digital currency in the market.
Several times earlier this year, Schiff tweeted that he expected Bitcoin to go well below the $10,000 level should a substantial crash of the price occur below $30,000.
At press time, Bitcoin sits at $29,088, down more than 2% in the past 24 hours.
Bitcoin remains in bear market: Santiment
The analytics team of popular on-chain data distributor Santiment has tweeted that if someone was hoping that the bear market for crypto were over, they are mistaken.
The new decline in prices on the market is proof of this. In addition, Santiment reminded its readers of a 3% drop in the S&P 500 index. According to the agency, Bitcoin remains strongly correlated to the traditional equity market, it remained so in 2022.
The market turmoil has been caused by a recent historic rate hike by the Fed and largely by the fact of Terra’s blockchain collapsing along with two of its tokens—LUNA and algorithmic stablecoin UST.
The Terra blockchain was discontinued, but its founder Do Kwon suggested a hard fork in order to leave the “flawed” chain, naming it Terra Classic (with LUNA Classic, LUNC, as a native coin) and naming the newly forked blockchain Terra , with the name LUNA passed on to his piece as well.
