Peter Schiff Warns of Potential Bitcoin Market Manipulation and Volatility Ahead
Peter Schiff, an influential critic of Bitcoin (BTC), has expressed concerns about possible market manipulation by hedge funds, which may have implications for Bitcoin stability and viability of MicroSstrategy.
Schiff notes a disturbing pattern where despite significant purchases by 11 spot Bitcoin ETFs, the price remains low suggesting that there could be a well-coordinated sell out.
He wonders who is selling, and especially if ETF investors will start pulling out. Schiff argues that rather than planning on long term keeping as they are heavily invested in Bitcoin, hedge funds might be acquiring Bitcoin and associated ETFs to short-sell shares of MicroStrategy.
This could entail setting the groundwork for a market shakeup. In case hedge funds unravel their positions, it would cause a cascade of sell orders for BTC, leading to its fall in price. The latter coupled with other factors might push down the value of MSTR’s stock thereby dragging both shareholders and the entire cryptocurrency market into free-fall mode.
READ MORE: Central Banks Consider Bitcoin: Insights from Industry Leaders
The Bear Bull Power (BBP) indicator shows a negative trend thus indicating bearish predominance in the market. This implies bears are putting pressure on prices towards lower support levels.
Nevertheless, participants continuously observe momentum changes that can signal reversal patterns which usually precede significant moves on either side and sometimes herald recovery or further downside action.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
