Generally cryptocurrency units and specifically bitcoin‘of (BTC) a famous critic Peter SchiffHe said there are new indications that Bitcoin may soon experience another drastic drop.
Peter Schiff Tells Bitcoin Enthusiasts That BTC’s Next Move Might Be Bearish
In a tweet addressed to Bitcoin hodlers, Schiff says that Bitcoin was not included in the recent market rally and is just over $19k.
Just in case HODLers aren’t paying attention #Bitcoin hasn’t participated in the recent rally and is barely above $19K. If Bitcoin can’t rise with other risk assets, imagine how much it will fall when risk assets resume their decline. In fact, Bitcoin may lead the next leg down.
— Peter Schiff (@PeterSchiff) October 18, 2022
If Bitcoin can’t rise with other risk assets, imagine how low it will fall as risk assets continue to decline. In fact, Bitcoin could lead the next drop.
“He claims that if Bitcoin fails to rise along with other risk assets, it could take the hardest hit when risk assets start falling again. It remains to predict that Bitcoin could lead the next decline.”
For the second day in a row, stock markets rose and tech-heavy Nasdaq, S&P 500 and major stock indices all posted significant gains. Cryptocurrency prices, on the other hand, could not keep up with the movements in the stock market.
After Bitcoin’s correlation with equities hit an all-time high last month, that correlation has also dropped. Bitcoin’s price is still mainly determined by macro trigger factors.
Bitcoin’s consolidation at around $19k is formed by more than 1.3 million addresses buying more than 680,000 BTC, making it the most important support for the leading cryptocurrency.
data provider CryptoQuantAccording to Tuesday CoinbaseProfrom about 48,000 Bitcoin is out. The exit was the second largest in history and the largest among cryptocurrency exchanges after the big drop in June of this year.
Stock market exits show that investors are removing their cryptocurrencies from exchanges, thus moving from selling to saving.
*Not investment advice.
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