Does bitcoin (BTC) give a false sense of security?

Does bitcoin (BTC) give a false sense of security?

Bitcoin enthusiasts remain confident that the price of sign it will rise and pass the $100,000 mark. At the same time, skeptics are sure that it will continue to fall. The American economist Peter Schiff, one of the biggest debuggers of the crypto flagship, confirmed this during an interview with Natalie Brunell on October 4. He believes that bitcoin (BTC) is at the beginning of a historic tumble. It also invites investors to turn to gold and/or the dollar as safe havens.

For Peter Schiff, the fall of bitcoin (BTC) is inevitable

The fall of bitcoin (BTC) has seriously affected the wallets of crypto enthusiasts. But lately, the token has been trading around $20,000. For many, this is an area of ​​high accumulation that will lead to an increase in price. So there is little chance that the price will break the support at the $20,000 mark. American economist Peter Schiff disagrees. For him, BTC trading at $20,000, a “a false sense of security”. He also said that bitcoin (BTC) is on course for a long crash.

“Bitcoin has been going sideways since falling below $20,000, but it hasn’t come back. Many sales are around $20,000. People are still trying to buy it around at this level too. So you have a battle of sorts between buyers just below $20,000 and sellers above $20,000. But don’t let that lull you into a false sense of security.”, he declared. He also showed that the crypto is on its way to zero and investors should see this price action as a false hope, despite the consolidation.

A trap?

There is a different reading from BTC technical analyst. Bear markets often work this way, he says. They stop collapsing at some point in the process and form condensation, which is usually a trap.

In the short term, the anti-crypto economist is predicting that bitcoin (BTC) will hit $10,000 and then $5,000. His predictions about the total collapse of bitcoin (BTC) should come true in the long term. He advised holders of the crypto to sell it, as it no longer has the support of institutional investors. In addition, it does not budge: “Bitcoin (BTC) is a scam (…) and its collapse causes the status of a store of value that some want to grant it”.

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Download avatar Luc Jose Adjinacou
Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.

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