Peter Schiff, CEO of Euro Pacific Capital, known for his anti-Bitcoin views, said that Bitcoin’s recent price recovery should be seen as a selling opportunity rather than a buying opportunity for investors. Schiff, who has been in the spotlight for many years for his critical statements about Bitcoin, made noteworthy assessments regarding the cryptocurrency market in a post on the social media platform X.
Schiff stated that he was unsure why Bitcoin hadn’t experienced a decline in the last trading day, arguing that the price increase presented an opportunity for long-term investors to reduce their positions. The renowned economist noted that he couldn’t see the fundamental factors supporting the current rise and that it was unclear what factors were keeping the price afloat.
In his statements, Schiff specifically drew attention to the $65,000 level, arguing that this area represents a significant resistance point for Bitcoin. According to the experienced investor, Bitcoin does not have significant upside potential above this level. Conversely, he stated that if the price remains below $65,000, the downside risks outweigh the downside risks.
Schiff’s comments come amid ongoing debate about whether Bitcoin’s recent recovery is sustainable. While some investors in the cryptocurrency market believe the rally will continue, others remain cautious due to macroeconomic uncertainties and market volatility.
According to CoinMarketCap data, Bitcoin was trading at $64,405 at the time of writing, having gained 2.49% in the last 24 hours. Despite its recent surge, the largest cryptocurrency is still hovering near critical technical levels, with investors closely watching how the price will react to the $65,000 resistance.
*This is not investment advice.
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