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Since the turn of the year Bitcoin’s (BTC) rally has taken some investors by surprise, particularly following the prolonged bear market of 2022. While some are optimistic that this signals the start of the next bull run for Bitcoin, others are skeptical and question the sustainability of the momentum.
One person who remains bearish on Bitcoin is Peter Schiff, chief global strategist of Euro Pacific Capital. Despite the gains, Schiff considers the rally to be temporary and views it as an opportunity to exit the market.
On January 12, Peter Schiff took to Twitter to express his opinion on Bitcoin’s price. With the cryptocurrency trading above $18,000, Schiff saw it as an ideal moment for investors to sell the digital asset.
The chief global strategist had predicted a potential market crash ahead of the release of the United States Consumer Price Index (CPI) also citing gold’s 8-month high, which he thought could impact Bitcoin’s value.
Despite Schiff’s recommendation to sell Bitcoin, the opposite outcome has come to pass. Contrary to his prediction, the cryptocurrency’s value has continued to climb, reaching $27,450 at press time, and representing a significant 54% increase since Schiff urged investors to sell.
Schiff follows Jim Cramer curse
The market’s reaction to Schiff’s advice shows the unpredictability of cryptocurrency and its resistance to conventional market analysis.
In a similar case, host of TV show “Mad Money,” Jim Cramer, urged investors to sell Bitcoin at $24,000 back in March. Since his call, the leading cryptocurrency rallied over 20% to where it stands today.
Where will Bitcoin trend next?
Bitcoin’s price has recently stabilized above the $27,000 threshold, facing strong resistance at $28,377.
According to a recent analysis from Michaël van de Poppe, Bitcoin has the potential to increase its value if it successfully surpasses the $27,800-$28,000 range. If this occurs, Bitcoin could potentially accelerate towards $29,200. However, the cryptocurrency’s upward momentum depends on whether it can sustain the breakout above the resistance level.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.