MEXCPeter Schiff Predicts “There Won’t Be Any New Highs For Bitcoin”, Here’s Why
CEO of Euro Pacific Capital Peter Schiff, expressed that Bitcoin might never touch $69,000— its all time high again. In an interview with David Lin, Anchor for Kitco News, The CEO argued that what will occur will in fact be a decline towards $10k.
An unsustainable rally
The 59 year old stock broker in the interview relayed that the ongoing rally is not sustainable and thinks people should take what they can at the moment and flee. In what he termed a “sucker’s rally”, Schiff reiterates that the gains in the markets now won’t last.
The market is going to plunge. I think people should take advantage of the rally they’ve got right now and get out. A lot of people still have profits in these tokens. People bought Bitcoin four, five, six years ago, and they have big profits. Same thing with Ethereum. People should get out, because otherwise the market’s going to take those profits,” Schiff said.
He stood firm on his previous claims where he expressed that the crypto market is in a “bubble”, and called out what he called massive pump and dump schemes where celebrities are contracted to promote coins. Schiff said people ignore the results of these schemes which is almost usually a dump.
Michaël van de Poppe weighs in on Bitcoin’s current situation
Famed analyst Michaël van de Poppe has also agreed that the current rally might not be indicative of a comeback. In a recent tweet, he said,
“The entire collapse of the crypto markets started when LUNA happened, which was when BTC was swinging around $37,000. Nasdaq is back to May levels, while Bitcoin is still down 20% from there. Not the strongest bounce, still lots to gain and to earn.”
BTC is trading at $23,872 as at press time, down 2.50 percent over the past day.
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
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.
