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Well-known investor Peter Schiff openly expressed his admiration for the bitcoin cryptocurrency. An inveterate critic of the digital currency has said he is surprised at how Bitcoin has consistently performed in recent times. However, the expert noted that this could be a trap for bulls.
According to the expert, what is happening in the market amazed him. The cryptocurrency sector has proven to be more stable than expected. Despite the latest turmoil and a short-term drop in the value of the flagship cryptocurrency to $ 23,000 on individual exchanges, then the situation stabilized. The volatility of all virtual assets has decreased significantly and judging by the price trends, they are preparing for consolidation.
Peter Schiff expressed the opinion that the fall in the value of leading cryptocurrencies will not be an ideal entry point to the market for investors. He noted that the most important problem will be that the current behavior of the digital gold rate encourages many bidders to talk about the speedy growth of the value of BTC and the achievement of a new price peak.
According to the entrepreneur, the current situation is probably really suitable for replenishing the cryptocurrency portfolio. However, the market has taught everyone that the fall in prices can continue.
Investors risk falling into a bull trap where the value of a cryptocurrency collapses even more even after people purchase it. According to Peter, the market will seek to attract as many buyers as possible before it weakens even more.
Earlier, the editors of Crypto.ru reported that the president of Euro Pacific Capital, Peter Schiff, severely criticized Paul Tudor Jones. The entrepreneur said that the businessman was cruelly mistaken about the future of bitcoins. According to him, the flagship cryptocurrency is not at all a good tool for protecting capital from the growing level of inflation.
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