The post Bitcoin Price Rally Or A Trap ? Here Is What Peter Schiff Claims appeared first on Coinpedia Fintech News

The current crypto market is flashing a massive bull run yet it is nothing like the previous one as this time Bitcoin has managed to trade above $21,000 in just 90 days. Also the Glassnode states that currently Bitcoin has more realized profit on-chain which was never seen since June 2022.

For the first time since June, #Bitcoin has seen a greater volume of Profits realized on-chain than losses.

During bear cycles, this tends to act as a psychological level where investors sell at, or near break-even, creating resistance.

Full Analysis: https://t.co/4PyCTobCUz pic.twitter.com/L0bBq2323f

— glassnode (@glassnode) January 16, 2023

At the time of writing, Bitcoin is changing hands at $21,136 after a surge of 1.48% in the last 24hrs

On the contrary, Peter Schiff, a Bitcoin opponent, has come with his criticism predicting Bitcoin’s downfall. As per the analyst, the King currency will be once again pulled back lower than $18K. This is not the first time that Schiff has claimed a negative target for Bitcoin.

Peter Schiff : Bitcoin Bears Ahead

As per the analyst, the star cryptocurrency is not meant for investment purpose nor it can be a store of value. This claim comes as he believes that Bitcoin is prone to extreme volatility. The analyst has always stated that Bitcoin’s price rally is only because of speculations.

Furthermore, he says that once the Bitcoin bubble bursts there won’t be any purchases made in regard to BTC and investors will be in massive profit. He compares Gold with Bitcoin and asserts that gold is much more reliable with its track record and hence will have a longer time span.

However, like every time even now Peter Schiff’s prediction has attracted some massive criticism and the reason being no proper evidence for his claim. Now, it all depends on Bitcoin bulls on which direction they want to lead the King currency.