Economist and Bitcoin hater, Peter Schiff, comes among investors to warn them to sell their Bitcoins immediately.
Currently, the price of Bitcoin and other crypto assets is recovering, following mild US inflation data. This has fueled risk appetite for assets such as cryptocurrencies and stocks.
Even so, there are indeed some observers who say the increase is still short or medium term because the bearish crypto market still looks dominant in the next few months.
Investors are advised to sell their bitcoin immediately
Based on the Finbold report , Peter Schiff said that the Bitcoin market will ignore its current short-term bull run, which becomes an opportunity to sell and exit the market.
He suggested this because he thinks the price of BTC will fall lower again, to US $ 10,000 and probably will not shoot again and form a new ATH like the rally last year.
Moreover, he calls the current movement of the crypto market a “sucking rally” and the broader gains will not continue.
“The [crypto] market will plunge. I think people should take advantage of the sucker rally they have now and get out. Many people still have an advantage in this token. People bought Bitcoin four, five, six years ago, and they made huge profits. Same thing with Ethereum. People have to get out, because otherwise the market will take that advantage," Schiff said.
Also, Schiff assesses the current crypto market will be a big bubble that will soon burst. He called the correction in 2022 a massive pump and dump incident.