Bitcoin is unlikely to hit new highs, and is more likely to continue falling to $10,000 and below. This was stated by Euro Pacific Capital president Peter Schiff in an interview with Kitco News.
In his words, the current rally in the cryptocurrency market, including Ethereum’s 70% price increase since the start of July, is not sustainable. He called it a “sucker rally”.
“The market will fall. I think people should take advantage of the rally that’s currently here and exit. Many are still in profit in these tokens. Some bought Bitcoin four, five, six years ago and they are in the green. The same with Ethereum. People should exit, because otherwise the market will take away this profit,” — a gold bug.
Schiff reaffirmed his view that the crypto market is in a bubble, despite Bitcoin’s price having fallen about 65% from its highs. Those who manage to get out will win, the investor stressed.
According to him, the market decline this year was the result of the execution of a large-scale Pump & Dump scheme.
“There were celebrities, such as athletes or actors, who signed on to promote a particular coin to their followers on Instagram, for example. It was a massive pump, but people did not notice it,” he said.
Earlier in May, Schiff forecast a fall of Bitcoin to $10,000 in the event of a sharp breach of the $30,000 level.
After the May 11 failure to stay above that level, he suggested the price would test $8,000.
Bitcoin traded near $30,000 for about another month before moving below the $23,000 mark. Against this backdrop, Schiff updated his Bitcoin bottom forecast, pointing to the $5,000 support level.
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