Cryptocurrency traders and enthusiasts are slightly optimistic about the 2023 price rally. Bitcoin and other assets note substantial games all of a sudden. Even so, Peter Schiff thinks it is an excellent time to sell Bitcoin ahead of the December 2022 Consumer Price Index figures.
Peter Schiff Expects Bearish Bitcoin Price Momentum
Most people know Peter Schiff has no love lost for Bitcoin and other cryptocurrencies. The notorious gold bug has never liked the concept of digital money that can hold value unless a government or bank issues it. Bitcoin and other cryptocurrencies are a very different and more modern breed. Like gold, cryptocurrencies empower those who hold and own it. More importantly, they can be mined by anyone – if the network supports it – and doesn’t require permission.
Market sentiment has shifted following the recent Bitcoin price rally to surpass $19,000 briefly. More people are hopeful for a swift price recovery in 2023. It is still early to conclude, but the momentum seems decent. However, this is part of a broader bull run across all financial markets. Stocks have also seen a healthy influx of capital, further strengthening the correlation between the S&P 500 and cryptocurrencies.
Bitcoin is now pushing $19k. It's an even better opportunity to sell.
— Peter Schiff (@PeterSchiff) January 12, 2023
While some are hopeful about Bitcoin, Peter Schiff is not. If anything, he expects the market to go down in the following days and weeks. The upcoming Consumer Price Index release can have an interesting effect on the financial markets. Per Schiff, that will send Bitcoin back down and cause gold to shoot up much further. The precious metal has seen minor market momentum in the past few days.
Interesting things could happen with gold at an eight-month high and Bitcoin breaking its slump. Peter Schiff is convinced Bitcoin has “already broken down” and it is “time to drop Bitcoin”. His statements may not necessarily be incorrect, although few people will pay attention to them now. Many people consider these types of Tweets to be a strong buy signal for BTC. Whether they are is an entirely different matter, though.
Breaking the $19,000 Resistance
The Bitcoin price surge is substantial. There is ample liquidity across all exchanges and seemingly little bearish pressure. However, the leading cryptocurrency must break through the $19,000 resistance to confirm the uptrend. That may prove rather tricky, as these psychological barriers can be rather resilient. However, the $2,000 gain since January 1, 2023, is pretty significant,
It is worth noting Bitcoin has lost some of its market cap dominance. People are used to seeing BTC hold a market cap share of 45% or higher. Today that is 38.485%, confirming much lost ground to recover. Slow and steady will win this race, regardless of what Peter Schiff thinks. Moreover, it remains to be seen if this bull run can be sustained for long.
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