In an intriguing turn of events, Peter Schiff, a renowned crypto critic, recently took to a post on X, stating Bitcoin’s recent price rally to be a ploy to magnetize ETF investors, deeming the rally to be short-lived while also anticipating a slump in BTC price ahead. This remark by the crypto critic, coming in tandem with BTC’s recent price rally, has raised concerns among investors, questioning the volatile nature of the broader crypto market.

Peter Schiff Warns Of A BTC Price Slump Ahead

According to the crypto critic’s statement, Bitcoin appears to have noted a pump overnight, likely following gold’s recent rally to new record highs. This rapid rise in Bitcoin’s price orchestrated only to entice ETF investors into buying the market at inflated prices, per Peter Schiff. However, a slump in the BTC price looms shortly ahead, the BTC critic pointed out stating, “Get ready for the dump.”

It looks like #Bitcoin got pump up overnight following the #gold rally to new record highs, to sucker ETF investors into buying the gap up. Get ready for the dump.

— Peter Schiff (@PeterSchiff) April 8, 2024

Although this remark cautioned a sense of alarm among investors, Schiff’s critical outlook on Bitcoin has shadowed the crypto market for quite some time now. Notably, the critic even pointed out that Bitcoin stages as a popular investment option among the young compared to gold because the former is likely to register more growth during their “short lifetimes,” echoing a bustle throughout the global crypto realm.

Nonetheless, Bitcoin’s upward price trajectory and on-chain data confronted the critic’s remark with a bullish triumph in the market as of press time.

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Bitcoin Price Soars

As of writing, the Bitcoin price noted a surge of 3.22% in the past 24 hours and is currently trading at $71,618. Intriguingly, the token’s market cap jumped 3.14%, accompanied by a 24-hour trading volume upswing of 81.91%, pushing the token to a bullish stage.

Meanwhile, Coinglass‘ data unveiled a staggering 100.03% upsurge in BTC’s derivatives volume, whereas the open interest sprung 6.16%. This further underscored a strong market uptrend for Bitcoin, with the token taking on and prevailing above the analyst’s remarks.

In addition, with the upcoming BTC halving further weighing in, the broader crypto market expects a bullish take on the BTC price ahead. Aligning with this, Peter Schiff’s remark on X appears to have faced a sense of backlash from the global crypto community, with a renowned crypto analyst, Tyler Strejilevich aka Moonboy, further replying to Schiff’s remark with a sarcastic tint.

Poor peter missed his chance to buy sub $10 Bitcoin and it has haunted him every day since

A true hell on Earth he lives daily

— Tyler Strejilevich (@TylerSCrypto) April 8, 2024

Also Read: Velo and Solana Partner Towards Laos Digital Gold Project

The post BTC Price Rally Tempts ETF Investors, Peter Schiff Says Predicting A Slump Ahead appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am