Peter Schiff Admires Bitcoin Holding Up But Points Out Markets Don’t Give This Much Time To Buy Bottom

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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.”

 

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.

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.

 

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Source: https://thecryptobasic.com/2022/05/19/peter-schiff-admires-bitcoin-holding-up-but-points-out-market-dont-give-investors-this-much-time-to-buy-bottom/?utm_source=rss&utm_medium=rss&utm_campaign=peter-schiff-admires-bitcoin-holding-up-but-points-out-market-dont-give-investors-this-much-time-to-buy-bottom