BTC Price Rally Tempts ETF Investors, Peter Schiff Says Predicting A Slump Ahead

Coingapestaff
April 8, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Peter Schiff Calls For Congress To Investigate Trump’s Crypto Rug Pull

Highlights

  • Peter Schiff's remarks on Bitcoin's recent price rally raises concerns among investors.
  • Schiff continues to showcase a sense of dismay in Bitcoin.
  • Bitcoin price contrastingly soars.

In an intriguing turn of events, Peter Schiff, a renowned crypto critic, recently took to a post on X, stating Bitcoin’s recent price rally to be a ploy to magnetize ETF investors, deeming the rally to be short-lived while also anticipating a slump in BTC price ahead. This remark by the crypto critic, coming in tandem with BTC’s recent price rally, has raised concerns among investors, questioning the volatile nature of the broader crypto market.

Advertisement
Advertisement

Peter Schiff Warns Of A BTC Price Slump Ahead

According to the crypto critic’s statement, Bitcoin appears to have noted a pump overnight, likely following gold’s recent rally to new record highs. This rapid rise in Bitcoin’s price orchestrated only to entice ETF investors into buying the market at inflated prices, per Peter Schiff. However, a slump in the BTC price looms shortly ahead, the BTC critic pointed out stating, “Get ready for the dump.”

Although this remark cautioned a sense of alarm among investors, Schiff’s critical outlook on Bitcoin has shadowed the crypto market for quite some time now. Notably, the critic even pointed out that Bitcoin stages as a popular investment option among the young compared to gold because the former is likely to register more growth during their “short lifetimes,” echoing a bustle throughout the global crypto realm.

Nonetheless, Bitcoin’s upward price trajectory and on-chain data confronted the critic’s remark with a bullish triumph in the market as of press time.

Also Read: dYdX Mainnet Faces Unexpected Outage, Debugging Efforts Underway

Advertisement
Advertisement

Bitcoin Price Soars

As of writing, the Bitcoin price noted a surge of 3.22% in the past 24 hours and is currently trading at $71,618. Intriguingly, the token’s market cap jumped 3.14%, accompanied by a 24-hour trading volume upswing of 81.91%, pushing the token to a bullish stage.

Meanwhile, Coinglass‘ data unveiled a staggering 100.03% upsurge in BTC’s derivatives volume, whereas the open interest sprung 6.16%. This further underscored a strong market uptrend for Bitcoin, with the token taking on and prevailing above the analyst’s remarks.

In addition, with the upcoming BTC halving further weighing in, the broader crypto market expects a bullish take on the BTC price ahead. Aligning with this, Peter Schiff’s remark on X appears to have faced a sense of backlash from the global crypto community, with a renowned crypto analyst, Tyler Strejilevich aka Moonboy, further replying to Schiff’s remark with a sarcastic tint.

Also Read: Velo and Solana Partner Towards Laos Digital Gold Project

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.