“Bitcoin will drop to $10,000 again”: Peter Schiff made a statement about the situation in the crypto market
The head of Pacific Capital called the current growth of cryptocurrencies “a sucker’s rally” and is confident in the further decline of bitcoin and other cryptocurrencies.
The expert believes that the cryptocurrency will not be able to return to its maximum position despite the market’s growth, which, as he assures, is very unstable. Schiff is convinced that bitcoin will continue to fall to 10 thousand U.S. dollars, perhaps even lower.
The market is going to plunge. I think people should take advantage rally they’ve got right now and get out. A lot of people still have profits in these tokens. People bought Bitcoin four, five, 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.the expert said.
Schiff believes that the cryptocurrency market is in a bubble now. Those who will be able to profit from this situation will be in a winning position. The expert believes that the Pump & Dump scheme is the reason for this situation. This scheme aims to increase the rate of cryptocurrencies with a subsequent price collapse. Owners of a large amount of cryptocurrencies make an artificial increase – “pump” the value and then “dump” the assets for a high price to small traders. As a result, the asset’s value falls, and investors lose money.
You had celebrities, whether it was athletes or entertainers, signing on to promote this coin or that coin out there to their Instagram followers or whatever they were doing. It was a massive pump, but people are overlooking the dump.Schiff said.
It’s worth noting that earlier in May of this year, Schiff predicted that bitcoin would drop to 10 thousand if the threshold of 30 thousand per coin was breached. When the coin broke the price of 30 thousand, he said that the price would go down to $8,000 per bitcoin.
At the time of writing, BTC was priced at $23,400 per coin, while Ethereum was priced at $1,833.
