• Bitcoin price is just a few figures away from hitting $21.5K
• Peter Schiff claims a massive pull back
• Bitcoin has seen a greater volume of profits realized on-chain than losses
The cryptocurrency market is currently in the midst of a massive bull run, with Bitcoin (BTC) trading above $21,000 in just 90 days. This is the first time since June that Bitcoin has seen a greater volume of profits realized on-chain than losses, according to Glassnode, a crypto analytics platform. At the time of writing, Bitcoin is changing hands at $21,136, after a surge of 1.48% in the last 24hrs.
Despite the bullish sentiment in the market, Bitcoin opponent Peter Schiff has come out with his criticism, predicting a massive pull back, and the star cryptocurrency dropping lower than $18K. This is not the first time that Schiff has made such claims, as the analyst has always stood by his view that Bitcoin is not meant for investment purposes nor can it be used as a store of value due to its extreme volatility.
However, this sentiment has been challenged by other investors and analysts in the market, who argue that Bitcoin’s ability to capture investor interest and drive prices higher is a testament to its potential as a store of value. Moreover, Bitcoin’s market capitalization of over $400 billion and its recognition as a safe haven asset by institutional investors has increased its appeal as a long term investment.
In addition, the current bull run has been supported by a number of institutional investments and large buy orders, which has further contributed to the rise in Bitcoin prices. Despite the uncertainty surrounding the future of Bitcoin, many investors remain optimistic that the current rally is sustainable and could see prices reach new heights in the near future.
Overall, the current market is filled with a mix of sentiments, with some predicting a pull back while others remain hopeful that the current rally will continue. Only time will tell how the market will unfold and whether Bitcoin will reach new heights or succumb to a massive pull back.