Bitcoin’s return to levels above $20,000 does not mean it has bounced off the bottom. Peter Schiff, a well-known cryptocurrency critic and gold advocate, warned investors about this.

excitability #Bitcoin Being over $20,000. 20 is the new 30. This is just another bull trap. Nothing falls in a straight line. In fact, this slow motion crash has been extremely regular. There are no signs of capitulation yet, which typically creates a bear market bottom.

– Peter Schiff (@Peter Schiff) 19 June 2022

According to the head of Euro Pacific Capital, this sign will be the same “bull trap” with $30,000.

On May 11, digital gold prices failed at this level. For about a month, the price remained close to the psychological mark, but dropped below $23,000 on June 13.

On Saturday, June 18, the rate of the first cryptocurrency crossed the $20,000 mark. A trader under the pseudonym crypto bullet allowed the price to reverse from $18,600. The local minimum was $17,760 (CoinGecko), then bitcoin did indeed hit above $20,000. output. .

“Nothing falls in a straight line. In fact, it’s a very regular collision in slow motion. “So far, there are no signs of capitulation that usually forms the bottom of a bear market,” he said.

In May, he predicted a test of the $8,000 level by Bitcoin. In mid-June, one investor suggested that the minimum could be around $5,000.

Mike Novogratz, founder and CEO of Galaxy Digital crypto bank, expressed hope that the price will stay at this level after digital gold drops to $20,000.

Earlier in June, BitMEX co-founder Arthur Hayes said that bitcoin, trading around $30,000, had reached the bottom of the current cycle.

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