Bitcoin opponent Peter Schiff Pleasantly Surprised by BTC’s Performance?

Paigambar Mohan Raj
Source: Analytics Insight

In a recent tweet, veteran trader Peter Schiff expressed his surprise regarding Bitcoin’s (BTC) ability to remain in the $30,000 range. However, he did go on to say that this will not last much longer.

Being the crypto critic that he is, Schiff believes that this could be a classic case of a bull trap to lure in more buyers, after which he thinks there could be another massive price drop. He cautioned that the market rarely provides investors with enough time to acquire Bitcoin at the dip.

Schiff had previously tweeted about Bitcoin, “predicting” that the original cryptocurrency would go below the $10,000 mark. BTC’s ability to retain the $30k level has left the trader quite surprised.

Moreover, a prominent crypto analytics firm, Santiment, has also said that the crypto bear market is not yet over. They have also shared the S&P 500’s 3% drop to indicate the strong correlation between the index and BTC.

At press time, BTC was trading at $29,660.80, up by 2.5% in the last 7-days, but still 27.4% down on the monthly charts.

Not only investors but even the nation of El Salvador is in a tight spot due to Bitcoin’s falling value. The country was the first in the world to accept BTC as a legal tender, but, it is also one of the first countries to face the brunt of a crypto crash.

Ricardo Castaneda, senior economist and country coordinator for El Salvador and Honduras, said,

“The government’s financial problems are not because of bitcoin, but they have gotten worse because of bitcoin. (for the government) “Bitcoin ceased to be a solution and has become part of the problem.” ”

The recent market crash has left a bad taste in investors’ mouths. Not only did the markets witness massive liquidations, but also the death of a top-10 crypto project.