As Bitcoin (CRYPTO: BTC) trades near the $65,000 level, longtime crypto critic Peter Schiff reignited his attack on the world’s largest cryptocurrency, urging investors to exit while they still can.
Peter Schiff Doubles Down On Bitcoin Criticism
On Friday, Schiff took to X, arguing that the market is giving investors “plenty of time to sell above $65,000.”
While acknowledging Bitcoin’s massive gains over the past decade, he warned that many holders are unrealistic about its future.
“The problem is that most Bitcoiners are delusional about Bitcoin hitting new highs. So they will just ride it down,” Schiff wrote.
When challenged by a user who pointed to Bitcoin’s long-term outperformance versus gold and the U.S. dollar’s inflation-driven decline, Schiff clarified his stance.
He said, “No, I want people to cash out into gold or silver. There is a big difference. But if the choice is between dollars and Bitcoin, dollars win. That’s how bad Bitcoin is.”
Bitcoin was trading around $63,500 at the time of writing, down more than 6% in 24 hours.
Bitcoin Price Pattern Mirrors Past Cycles
Earlier, crypto analyst Benjamin Cowen said Bitcoin appears to be tracking patterns seen in 2014, 2018, and 2022 — midterm years that followed post-halving peaks.
In those cycles, Bitcoin formed a February low, rallied into early March and then faced renewed downside into spring.
Cowen noted that Bitcoin posted a local low on Feb. 6 and a secondary low on Feb. 24 this year, closely aligning with prior structures.
Historically, such setups have preceded short-term rebounds toward the low-$70,000 range before additional volatility.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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