Financier Peter Schiff commented on the rise of bitcoin (BTC) in the second half of June. In his opinion, the rally is coming to an end, and soon we will see a decline in the value of the cryptocurrency.
Peter Schiff has made similar statements before. For example, in August 2022, he predicted the collapse of BTC below $10,000 and urged traders to get rid of the cryptocurrency as soon as possible. Last week, the financier reiterated his position.
He said that funds should be channeled into precious metals. Bitcoin is a speculative instrument that could collapse at any moment, Schiff wrote on Twitter.
BTC entered a bullish phase in the second half of June, he said, following the stock markets. But in the coming weeks we will see a resumption of sales, and as a result, the cryptocurrency will not be able to maintain the positions gained.
Peter Schiff noted:
“Until recently, bitcoin remained unaffected by speculative assets that have risen. Now that bitcoin has joined the rally, it is a sign that it is about to end. Usually the rally stops when the lowest quality assets come in. Cryptocurrencies are just such assets.”