The price of bitcoin has been steadily falling since it hit a new all-time high of $69,000. The price initially traded below a previous all-time high of about $19,000, but then quickly rebounded to trade at $22,000. The price of bitcoin is still more than 65% off its previous all-time high and is still trading at an all-time high and currently trading at $23,841.
Many expect an eventual bull run to bring the price back to new highs, said Peter Schiff, chief market strategist at Euro Pacific Asset Management, believes that is nearly impossible.
In his opinion, bitcoin will not reach $69,000 again. Schiff says the price will continue to fall to $10,000 or less. He also advised investors to take advantage of the current rally and exit their positions.
The market is going to crash. I think people should take advantage of the rally they have now and get out. Many people still have profits in these tokens. People bought bitcoin four, five, six years ago and they are making huge profits. It’s the same with ethereum. People should get out because otherwise the market will take those profits.
The price of bitcoin would explode and affect MicroStrategy’s stock
Speaking to Kitco News host David Lin, the crypto-currency market rally, including the 70% gain for Ethereum since the beginning of July, is just a “dupe rally.”
According to Schiff, the cryptocurrency market is a bubble. That’s why investors are at risk of a “burst,” and only those who have sold their assets will have anything to show for it. He also claimed that the cryptocurrency market has been a pump and dump system this year. He mentioned that the previous spike was caused by celebrities touting various crypto assets to their followers, which generated a rush. It’s interesting that people are watching the dump, he said.
Michael Saylor‘s MicroStrategy accumulated more bitcoins even during the downtrend.. On Aug. 3, he tweeted, “a big home run for shareholders.”
According to Schiff, this is a big hoax, as MicroStrategy has a write-down of about $1 billion on its bitcoin investment. According to him, MicroStrategy only takes into account the initial price at which it bought bitcoin.
Well, we make money on our first purchase, but you can’t pick your first purchase, what about all the other purchases that were higher? You can’t do that, you have to look at the total and add up all your purchases. Are you early or late? And they are very late.
He also attacked MicroStrategy’s stock, saying that they would eventually crash and trade well below the price at which they started buying bitcoins.
