Gold bug and Bitcoin skeptic Peter Schiff says Bitcoin’s recent pump above $20,000 is just ‘another bull trap’ and that the bear market is still in force. Bitcoin is in a Bull Trap, According to Peter Schiff Over the weekend, Bitcoin (BTC) saw its price dropping below $20,000 for the first time since 2020. From the lows of $18,000, BTC has now reclaimed the $19,000 range and is still working on stabilizing the $20,000 support. However, Peter Schiff doesn’t think the recovery is a positive sign for BTC. According to him, this is only a bear trap that could mislead people into thinking a bull run is oncoming, only for the cryptocurrency to crash again. In fact, he believes that the ‘slow motion crash’ has been extremely orderly, adding that prices don’t fall in a straight line which confirms his statement that the price increase is a bear trap. Don't get excited about #Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom. — Peter Schiff (@PeterSchiff) June 19, 2022 For instance, crypto prices usually swing up and down at a certain point before either consolidating the support or succumbing to pressure to establish a lower support point. But according to Peter, the dynamics that form a price bottom in a bear market are missing in the BTC...
