- Peter Schiff was right on the mark and ready to comment when it came to Bitcoin's most recent collapse in price.
- The Bitcoin naysayer went onto say that all the work bitcoin has put in will be put to waste if price pumpers are no longer able to bring in more momentum.
- Schiff continued that the whales are in heavy control of the market.
The CEO of Euro Pacific Capital, Peter Schiff was right on the mark and ready to comment when it came to Bitcoin's most recent collapse in price as he stated in his latest tweet that so-called ‘pump-and-dumpers’ are now losing their ‘mojo’, as Schiff puts it.
The Bitcoin naysayer further went onto give his prediction in that all the work bitcoin has put in over the past ten years will be put to waste, if price pumpers are no longer able to bring in more buyer fuel for momentum. In fact, Schiff continued that the whales are in heavy control of the market.
Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019
Price
In terms of price, Bitcoin is currently priced at $7,363 following a 1.87 percent increase over the past 24 hours. The leading cryptocurrency has experienced a hard few weeks but maybe the rise is on? Well not if you ask someone like Schiff...
Yesterday, the price of bitcoin skyrocketed above the $7,500 key resistance level, but as we can now see, the price has taken a bit of a tumble. Trader’s like Josh Rager were skeptical on the bullish move though.
$BTC - this is exactly why you must tame expectations on an impulse move like this when the high time frame is a clear bear trend
— Josh Rager 📈 (@Josh_Rager) December 4, 2019
Hope you were able to short that area https://t.co/pthxM6O7iY pic.twitter.com/68ILKQIwgQ
Before we finish though, it’s worth saying that we aren’t financial investors and this hasn’t been financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
It will be interesting to see how the price plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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