BTC Whales Are Selling, Could Be Buying to Draw in More Suckers and Sell Again: Peter Schiff

Head and founder of Euro Pacific Capital and SchiffGold, economist, wealth manager and podcaster Peter Schiff has tweeted that he believes Bitcoin whales to be unloading their BTC at the current price level.

He also has opined on the reason why they may have pumped Bitcoin back above $21,000 briefly.

“They are likely still selling”

In his recent tweet, goldbug Schiff, who tweets about Bitcoin more frequently than some Bitcoiners, has stated that he believes whales who had managed to pump BTC to the $70,000 level are selling their stashes for profit now.

He tweeted that they are now selling their Bitcoins to people who are eager to get off their hands, and “they they are getting a bargain.” He believes that eventually these investors who are buying on the price decline will be “known as bag holders,” because Schiff expects the price drop to the $8,000 level from the current $21,150 mark.

Schiff reckons these whales might still be making their BTC sales and, if they are buying, then the only goal they pursue is “to draw in more suckers” and prop up the market again in order to sell more later.

They are likely still selling. If they buy any #Bitcoin it’s simply to prop up the market to draw in more suckers so they can sell more.

— Peter Schiff (@PeterSchiff) June 27, 2022

“The only price that happens to Bitcoin”

About two weeks ago, Schiff was asked for a prediction related to his vision of the Bitcoin price in the future by early Bitcoin adopter and YouTuber Davinchi Jeremie.

Schiff responded that he believed the leading digital currency would never achieve $200,000 but, in his view, $2,000 is the only price possible for BTC in the future.

His earlier predictions this year for Bitcoin and Ethereum included BTC dropping to the $20,000 level and Ethereum declining to $1,000.