Renowned Bitcoin critic and market analyst Peter Schiff have once again expressed doubts about the ongoing surge in the prices of Bitcoin (BTC) and altcoins. Schiff, known for his bearish stance on Bitcoin, believes that the recent uptrend could be a sign that the party is coming to an end.
In a recent tweet, Schiff suggested that rallies typically conclude when even the lowest-quality assets start participating, and in his view, there’s nothing of lower quality than cryptocurrencies. However, despite Schiff’s pessimistic outlook, the crypto community remains unfazed and continues to venture into new territories.
One significant development is the approval of the 2x Bitcoin Strategy Exchange Traded Fund (ETF), also known as BITX, by the United States Securities and Exchange Commission (SEC). This marks the first-ever leveraged crypto ETF to receive SEC approval.
Additionally, BlackRock, one of the largest asset management companies, has applied for a spot in BTC ETF, and other companies like WisdomTree, Valkyrie, Fidelity, Invesco, and Bitwise have also filed for ETFs. These developments have generated positive sentiment within the crypto industry.
As a result of these positive developments and sentiments, Bitcoin’s price has surged to $31,000, reaching a new all-time high for this year. However, it’s important to note that Bitcoin’s trade volume is still down by 12%. Nevertheless, with expected participation from retail and institutional investors, the rally is seen as sustainable, and the price trends indicate the potential for further growth.
Source: https://coinpedia.org/bitcoin/crypto-news-peter-schiff-warns-of-impending-end-to-bitcoin-rally-the-party-is-about-to-fizzle-out/