Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?

After crashing severely in early May and throughout April 2022, Bitcoin (BTC) did show some hope to investors last week by consolidating around $30,000 levels. 

However, on Wednesday, May 18, the Bitcoin price has once again slipped under $29,000 following a strong correction in the U.S. equity market.

Popular Bitcoin critic Peter Schiff calls this a classic bull trap for investors. In one of his recent Twitter posts, Schiff mentions:

“I must admit that I’m surprised that Bitcoin has held up this well. But don’t get cocky #HODLers. The market never gives investors this much time to buy the bottom. 

It’s more likely this is a bull trap to lure in as many more buyers as possible before the next major leg down”.

Many analysts have been talking that Bitcoin could serve as an inflation hedge in the long term, however, it doesn’t seem to be true as per Schiff. 

He explains: “Rising #food and #gasoline prices will put more downward pressure on #Bitcoin prices. That’s because grocers and gas stations won’t trade their food or fuel for Bitcoin. So if Bitcoin #HODLers want to eat and drive soon they’ll be forced to sell their precious sats to afford to!”








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