Peter Schiff Admires Bitcoin Holding Up But Also Alarm Investors of a Bull Trap.
The crypto market seems to be stabilizing a bit after days of total turmoil. The extreme volatility has reduced as the price trends appear to be preparing for a consolidation. Some analysts have opined that the current bear market could be the ultimate buying time as it’s the dip. However, those like Peter Schiff don’t agree with this opinion. Peter has known to be strongly anti-crypto, especially because his business deals with Gold.
This time around, he’s impressed with the market’s resilience, but with a caveat. Peter Schiff expressed his admiration for Bitcoin’s ability to pull through the current bear market in a recent tweet. However, he had some words for HODLers who expect the bull run to begin soon.
Is This A Bull Trap?
According to Peter Schiff, while the current market dip may seem like a great buying opportunity, it may turn out to be a “bull trap” whereby the crypto’s price dips further down even after people buy. In Peter’s opinion, the market may be on the drive to attract as many buyers as possible before crashing further.
“I must admit that I’m surprised that #Bitcoin has held up this well. But don’t get cocky #HODLers. The market never gives investors this much time to buy the bottom. It’s more likely this is a bull trap to lure in as many more buyers as possible before the next major leg down.”
I must admit that I'm surprised that #Bitcoin has held up this well. But don't get cocky #HODLers. The market never gives investors this much time to buy the bottom. It's more likely this is a bull trap to lure in as many more buyers as possible before the next major leg down.
— Peter Schiff (@PeterSchiff) May 18, 2022
However, Peter is known to be severely critical of cryptos, especially BTC, and it’s expected that he would be opposed to a possible bull run. On record, Peter Schiff, while shilling his own Gold business, has been wrong about Bitcoin and the crypto industry on many occasions. In fact, his own son started investing in Bitcoin back in 2020.
Against my advice my son @SchiffSpencer just bought even more #Bitcoin. Whose advice do you want to follow? A 57-year-old experienced investor/business owner who's been an investment professional for over 30 years or an 18-year-old college freshman who's never even had a job.
— Peter Schiff (@PeterSchiff) September 7, 2020
Volume Is Back Up
The Gold supporter isn’t the only popular entity with an opinion about the current market trend. A tweet by Santiment, which is an actual on-chain analysis and social metrics company, indicates that the crypto community is still trying to figure out the next possible move.
Debates are abounding on whether this is the final dip and buying opportunity or there may be more market dips before the end of 2022. Analysis by Santiment shows that trading volumes have gone back up, signaling a possible price action.
? The jury is still out on whether last week's market-wide drop was the final #buythedip opportunity, or one of several further drops in 2022. With price action tempering, volume has come back to earth after the highest amount of #crypto action in a year. https://t.co/PLz2RUv3Be pic.twitter.com/OY7aILzUIM
— Santiment (@santimentfeed) May 18, 2022
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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