Peter Schiff Says Bitcoin’s Current Price Bump Is A Bull Trap As Nothing Drop In Straight Line

Anti-Crypto And Gold Proponent Peter Schiff Says Bitcoin’s Current Price Bump Is A Bull Trap.

Peter Schiff thinks Bitcoin is in a bull trap and the bear market is still in force.

Over the weekend, the crypto market experienced a strong bearish attack that saw prices of Bitcoin drop below the 2017 ATH of $20k for the first time ever. ETH dropped below $1k. The market seems to respond well as prices spike in recovery. From the lows of $18k, BTC has now reclaimed the $19k range and still working on stabilizing the $20k support.

However, Peter Schiff, who happens to be a strong Gold supporter and opposer of cryptocurrencies like Bitcoin, doesn’t think the recovery is a positive sign for the BTC market. According to him, this is a bear trap – a price spike that could mislead people into thinking a bull run is oncoming, only for the coin to crash again.

“Orderly Crash”

Peter was sharing his opinion on Twitter when he also said that the recent crash of BTC price seems to have been orderly, adding that prices don’t fall in a straight line. This statement appears to have been meant to back his claim that the price increase is a bear trap.

For one, crypto prices seem to swing up and down a certain point before either consolidating the support or succumbing to pressure to establish a lower support point.

According to Peter, the dynamics that usually inform a price bottom in a bear market are missing in the BTC market, suggesting that the bottom is yet in.

Don't get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.

— Peter Schiff (@PeterSchiff) June 19, 2022

On June 11th Schiff predicted that bitcoin would fall below $20K and Eth would go below $1K.

So far, the $20k range, the previous ATH, seems to have been the ultimate support for BTC. This was breached over the weekend when the value fell to around $18k. A lot of traders and analysts have, in the recent past, opined that such a breach would give way to further decline to the $16k and even the $13k price.

Could He Be Right?

While Peter Schiff isn’t exactly someone to take crypto investment advice from, his strongly anti-crypto stance could be right or wrong about the current market dynamics. If he’s wrong, Bitcoin may have hit bottom, and the only way from there is up. If he’s right, the bear market could further push the BTC to below $18k. This would give investors another chance to buy the dip. Time will tell.