Well-known cryptocurrency analyst Peter Schiff said the recent BTC price spike is nothing more than agreed whale currency pumping. According to him, the rise in the price of an asset has nothing to do with China’s desire to integrate and develop the blockchain.
He said:
The recent sharp spike in Bitcoin prices has notconnected with China or some fundamental factor. As for me, such a price movement is most similar to market manipulation by large players. Pumping up a technically weak market, they get the opportunity to earn more on a dump.
According to him, despite the current optimistic mood, the price of BTC will soon begin to adjust.
Recall that on October 26, the BTC price surpassed the $ 10,000 mark. Many experts associated this event with the statement by Chinese President Xi Jinping about the country's new course on the use of blockchain technology.
According to the materials cryptovest.com
Read this:
The Central Bank believes that Chinese banks should immediately accept the blockchain
Peter Schiff Recognizes Bitcoin's Benefits Over US Dollar
BTC price again surpasses $ 10,000
Bitmain CEO claims halving may not increase BTC price
Bitcoin critic Schiff describes a scenario for BTC to drop to $ 2000
Nick Szabo believes that central banks will invest in cryptocurrencies