American Stockbroker Peter Schiff Skeptical of Bitcoin Rally
Bitcoin’s recent rally, surpassing the $50,000 mark, has sparked speculation in the market. However, American stockbroker and financial commentator Peter Schiff believes that this could be another example of a “pump-and-dump” cycle. According to Schiff, the surge in price is a manipulation tactic to attract buyers and then sell the overpriced asset for a profit, ultimately leading to a price crash.
Similar Pessimistic Views from Other Experts
Schiff’s skepticism echoes that of CNBC’s Mad Money host Jim Cramer, who has consistently advised investors to sell their Bitcoin holdings. Cramer previously warned that Bitcoin would not sustain its recovery due to a lack of inflows. Despite these predictions, Bitcoin continues to exhibit positive sentiment and may even experience a bull run. At the time of writing, BTC was trading at $49,898.38 with a 3.40% increase in the last 24 hours.
Potential for Further Upside in Bitcoin Price
Despite the skepticism, some experts predict that Bitcoin could reach higher levels. CryptoQuant CEO Ki Young Ju believes that Bitcoin could potentially soar as high as $112,000 this year on a bullish basis.
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