Crypto: Does bitcoin (BTC) offer a false sense of security?

Bitcoin enthusiasts remain confident that the price of token will rise and pass the $100,000 mark. At the same time, skeptics are convinced that it will continue to fall. American economist Peter Schiff, one of the biggest detractors of the flagship crypto, confirmed this during an interview with Natalie Brunell on October 4. He believes that bitcoin (BTC) is at the beginning of a historic tumble. It also invites investors to turn to gold and/or the dollar as safe havens.

For Peter Schiff, the fall of bitcoin (BTC) is inevitable

The fall of bitcoin (BTC) has greatly affected the wallets of crypto enthusiasts. But for some time, the token has been trading around $20,000. For many, this is an area of ​​high accumulation that will lead to a rise in price. There is therefore little chance that the price will break the support at the $20,000 mark. American economist Peter Schiff disagrees. For him, BTC which is trading at $20,000, offers a “false sense of security”. He has added that bitcoin (BTC) is on the verge of a prolonged crash.

“Bitcoin has been trending sideways since crashing below $20,000, but it hasn’t recovered. There are a lot of sales around $20,000. There are still people trying to buy it around at this level too. So you have kind of a battle going on between buyers just below $20,000 and sellers above $20,000. But don’t let that lure you into a false sense of security.”, did he declare. He also indicated that the crypto is on its way to zero and investors should see this price action as a false hope, despite the consolidation.

A trap ?

Peter Schiff has a different reading from BTC technical analyst. Bear markets often work this way, he says. They stop falling at some point in the process and form a consolidation, which is usually a trap.

In the short term, the anti-crypto economist predicts bitcoin (BTC) will likely hit $10,000 and then $5,000. His prophecy of the complete fall of bitcoin (BTC) should come true in the long term. He suggested holders of the crypto sell it, as it no longer enjoys support from institutional investors. Moreover, he does not budge: “bitcoin (BTC) is a scam (…) and its fall calls into question the status of store of value that some are trying to grant it”.

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