- According to Peter Schiff, chief market strategist of Euro Pacific Asset Management, Bitcoin will not hit $69,000 again.
- He also advised investors to take advantage of the current rally and exit their positions.
The Bitcoin price has been on a constant decline since hitting a new all-time high of $69,000. The price for the first time traded below a previous all-time high of near $19,000, then took a quick rebound to trade at $22,000. The Bitcoin price is still more than 65 percent from its previous all-time high, and currently trading at $23,783.
As many expect a possible bull run to send the price back into new highs, Peter Schiff, chief market strategist of Euro Pacific Asset Management believes that this is almost impossible. According to him, Bitcoin will not hit $69,000 again. In his statement, Schiff stated that the price will continue to fall to $10,000 and below. He also advised investors to take advantage of the current rally and exit their positions.
The market is going to plunge. I think people should take advantage of the rally they’ve got right now and get out. A lot of people still have profits in these tokens. People bought Bitcoin four, five, and six years ago, and they have big profits. Same thing with Ethereum. People should get out because otherwise, the market’s going to take those profits.
Bitcoin price would burst and affect MicroStrategy stock
Speaking with David Lin, Anchor for Kitco News, the crypto market’s rally including the 70 percent gain for Ethereum since the beginning of July is just a “suckers rally.”
According to Schiff, the crypto market is in a bubble. For reason, investors may likely experience a “burst” with only those who sold their assets to have something to show for it. He also made a wild claim that the crypto market has been a pump-and-dump scheme this year. He mentioned that the previous rally was caused by celebrities promoting various crypto assets to their followers, hence generating a pump. Interestingly, people are overlooking the dump, he said.
Michael Saylor’s MicroStrategy has been accumulating more Bitcoins even during the bearish run. On August 3, he tweeted: “a screaming home run for shareholders.”
This, according to Schiff is a huge deception as MicroStrategy is about $1 billion down from its bitcoin investment. According to him, MicroStrategy is just considering the initial price at which it bought Bitcoin.
It’s like well, we’re making money on our first purchase, but you can’t cherry-pick your first purchase, what about all the other purchases that were higher up? You can’t do that, you’ve got to look at the totality and add up all your purchases. Are you ahead or behind? And they’re way behind.
He also attacked the MicroStrategy shares, stating that they will crash eventually and trade way below the price when they started buying Bitcoin.