Bitcoin is unlikely to reach new highs, on the contrary, it continues to drop to $10,000 and below. Peter Schiff, Chairman of Euro Pacific Capital, said this in an interview with Kitco News.

According to him, the current growth of the cryptocurrency market, including the 70% increase in Ethereum price since the beginning of July, is not sustainable. He called it “Suckers Rally”.

“The market will fall. I think people should take advantage of the rally we have right now and leave. Many are still making a profit on these tokens. Someone bought bitcoin four, five, six years ago and it’s on a good plus. Same with Ethereum. People have to leave because otherwise the market will take those profits,” says the gold advocate.

Schiff reaffirmed his view that the crypto market is in a bubble even though the Bitcoin price has dropped nearly 65% ​​from its highs. The investor emphasized that those who manage to get rid of this will win.

According to him, the drop in the market this year was the result of the large-scale Pump & Dump plan.

“For example, there were celebrities like athletes or actors who signed up to promote this or that money to their Instagram followers. “It was a huge pump, but people don’t realize it,” he said.

Recall, in early May, Schiff predicted that if the $30,000 level were to break sharply, Bitcoin would drop to $10,000.

After bids failed below the indicated mark on May 11, he suggested that the price test $8,000.

Digital gold traded around $30,000 for about a month before dropping below $23,000. Against this backdrop, Schiff updated his Bitcoin bottom prediction to draw attention to the $5,000 support level.

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