This is When Bitcoin (BTC) Price Will Start a Fresh Rally!

Over the last 24 hours, the cryptocurrency market has risen marginally in a positive direction. Bitcoin, the market leader, increased by one percent, while Ethereum increased by 1.45 percent. The rest of the market was not far behind.

Advertisement

For the most part, Bitcoin’s price has been trading in a range for the previous week. After finding support around $38,400 late last week, Bitcoin has been slowly recovering, although it is yet to touch the $40,000 level. At the time of writing, BTC is trading at $39,252.

Peter Schiff, a well-known Bitcoin hater, has resorted to Twitter to propose a scenario in which the BTC price may begin to rise. Even if what he outlined happened, he claimed that owning Bitcoin would not be necessary.

When Will BTC Price Start To Rally ?

According to Schiff, in order for Bitcoin to start rally, the NASDAQ index must start appreciating (because the two have recently shown a significant association) and gold must drop in price rather than rise.

Aside from that, he added, the US Federal Reserve must ensure that inflation stays below 2% without damaging the economy, which can only be achieved, he stressed, if rate hikes are kept to a minimum and government spending is drastically reduced.

However, you do not want to own Bitcoin in that case, according to Schiff, because things would be OK without people holding it.

In an earlier tweet, Schiff stated that the NASDAQ, as well as the S&P 500, will collapse by 50 and 30 percent, respectively, as the Fed prepares to launch its rate hike this week, pushing Bitcoin down to $38,422.

Prior to that, the SchiffGold chairman sent out another tweet, this time warning Bitcoin investors of an impending price fall.

According to Schiff, the reason for this is that meme stocks are currently in free fall. For example, GameStop has dropped 15% for the second day in a row, now trading under $79, down more than 80% from its all-time high achieved in 2021. AMC is also down 5.5 percent today, according to Schiff, who believes Bitcoin will be the next commodity to drop in this sequence.