Prominent Bitcoin critic believes that whales are still likely to be selling Bitcoin
The CEO and Founder of Euro Pacific Capital and SchiffGold, Economist, Wealth Manager and Podcaster Peter Schiff tweeted that he thinks Bitcoin whales are offloading their BTC at the current price level.
He also has opined on the reason why they may have pumped Bitcoin back above $21,000 briefly.
“They’re probably still selling”
In his recent tweet, Goldbug Schiff, who tweets about Bitcoin more frequently than some Bitcoiners, said he believes the whales that managed to pump BTC to the $70,000 level are now selling their stashes for profit.
He tweeted that they are now selling their Bitcoins to people who are eager to get off their hands, and “they they are getting a bargain.” He believes that eventually these investors who are buying on the price decline will be “known as bag holders,” because Schiff expects the price drop to the $8,000 level from the current $21,150 mark.
Schiff believes that these whales could still make their BTC sales, and if they buy, the only goal they have is to “attract more suckers” and support the market again in order to sell later.
“The only price that happens to Bitcoin”
About two weeks ago, Schiff was asked for a prediction related to his vision of the Bitcoin price in the future by early Bitcoin adopter and YouTuber Davinchi Jeremie.
Schiff replied that he thinks the major digital currency will never reach $200,000 but, in his opinion, $2,000 is the only possible price for BTC in the future.
His earlier predictions this year for Bitcoin and Ethereum included BTC dropping to the $20,000 level and Ethereum declining to $1,000.
