Peter Schiff denies bitcoin hitting rock bottom

Peter Schiff denies bitcoin hitting rock bottom

Peter Schiff denied bitcoin bottoming

Bitcoin's return to levels above $20,000 does not mean that it has bounced off the bottom. Peter Schiff, a well-known cryptocurrency critic and gold advocate, warned investors about this.

According to the president of Euro Pacific Capital, this mark will become the same «trap for bulls», like $30,000.

On May 11, digital gold quotes failed this level. For about a month, the price remained close to the psychological mark, but on June 13 it fell below $23,000. 

On Saturday, June 18, the rate of the first cryptocurrency broke through the $20,000 level. A trader under the nickname crypto bullet made a price reversal from $18,600 The local low was $17,760 (CoinGecko), after which bitcoin really rose above $20,000.

Peter Schiff denied bitcoin bottoming< /p>BTC/USD hourly chart on the Bitstamp exchange. Data: Trading View.

«Nothing falls in a straight line. In fact, it's a very orderly crash in slow motion. So far, there are no signs of any capitulation, which usually forms the bottom of a bear market,” Schiff said.

In May, he predicted a test of $ 8,000 by Bitcoin. In mid-June, the investor suggested that the minimum could be around $5,000.

Recall that after the collapse of digital gold to $20,000, the founder and CEO of Galaxy Digital crypto bank Mike Novogratz expressed hope that the price would hold this level.

In early June, BitMEX co-founder Arthur Hayes said that bitcoin, trading at about $30,000, had reached the bottom of the current cycle.

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