Does Bitcoin (BTC) Offer a False Sense of Security?

Does Bitcoin (BTC) Offer a False Sense of Security?

Bitcoin enthusiasts remain confident that the price of token will rise and cross 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 leading crypto, confirmed this during an interview with Natalie Brunel on October 4. He believes that Bitcoin (BTC) is at the beginning of a historic collapse. It also urges investors to turn to gold and/or the dollar as safe havens.

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

The fall in Bitcoin (BTC) has hit the wallets of crypto enthusiasts hard. But the token has been trading around $20,000 for some time now. For many, this is an area of ​​high accumulation that will see the price rise. Therefore, there is little chance that the price will break the support at the $20,000 mark. US economist Peter Schiff disagrees. To him, BTC trading at $20,000 offers a “false sense of security”. He added that Bitcoin (BTC) is headed for a prolonged crash.

“Bitcoin has been moving sideways since it crashed below $20,000, but has not recovered. There are many sales around $20,000. There are still people trying to buy it at this level. So you have something of a battle between buyers just below $20,000 and sellers above $20,000. But don’t let that lull you into a false sense of security.”, he declared. He also pointed out that crypto is on its way to zero and investors should see that price action as a false hope, despite the consolidation.

A trap?

Peter Schiff has a different reading by 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 that Bitcoin (BTC) will likely reach $10,000 and then $5,000. His prophecy of the complete decline of Bitcoin (BTC) should come true in the long run. He suggested to crypto holders to sell it as it no longer enjoys support from institutional investors. Moreover, he does not move: “bitcoin (BTC) is a fraud (…) and its fall calls into question the store of value status that some are trying to give it”.

Get a roundup of news in the cryptocurrency world by subscribing to our new service at newsletter daily and weekly so you don’t miss any of the main Cointribune!

Luke Jose Ajinaku's avatar
Luke Jose Ajinaku

Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 only increased my enthusiasm. So I decided to research and understand the blockchain and its many applications and to impart with my pen information related to this ecosystem.

Leave a Comment

Your email address will not be published. Required fields are marked *