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Bitcoin Will Never See a New ATH, Says Peter Schiff

According to peter schiffchief market strategist Euro Pacific Asset Managementit is Bitcoin unlikely to hit new highs again above $69,000 and, in fact, he expects it to fall further to $10,000 or so over the next year.

Schiff has described the rally of the cryptocurrency marketsincluding profits of 70% of Ethereum since the beginning of July, as a fools rally and told David Linhost of Kitco News, that the rally is not sustainable.

The whole market is in danger

In his interview, he predicted that there would be a market crash in the near future. In Peter’s opinion, people should take advantage of the rally they have right now to get out there and take advantage of the market.

«It is important to note that there are still quite a few people who have profits on these tokens. Four, five and six years ago people bought Bitcoin, and now they have racked up huge profits. The same can be said for Ethereum. If not, those profits are going to be taken away by the market because people should get out before it takes them away.”

Even though that him Bitcoin is already down 65% from its highsSchiff has reaffirmed that the cryptocurrency market is in a bubbledespite his earlier claims that the market is in a bubble.

All things considered, Schiff believes that this cryptocurrency won’t have a lasting impact on no one but the people who sold their crypto assets before the bubble burst.

Bitcoin Will Never See a New ATH, Says Peter Schiff

In his words, Schiff believes that this year’s sell-off in cryptocurrency markets reflects a massive pump-and-dump phenomenon in the market.

Said:

«There were celebrities, whether they were athletes or artists, signing up to promote this or that coin to their Instagram followers or whatever they were doing. It was a massive bomb, but people are overlooking the landfill.”

As part of Schiff’s claims, the actions of MicroStrategy They are also overrated. As a result, he thinks it’s ridiculous that Michael Saylorthe CEO of MicroStrategy, has not changed his position on whether or not this investment is a success.

Schiff said that making money on the first purchase is like being able to choose the first purchase, but what about the other purchases that were much higher on the list? To do this, you have to look at all the purchases and add them all up.

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