By Shelly Melancon (Switzerland)
The flagship cryptocurrency has seen its value crash severely throughout April and in the early weeks of May. Still, BTC has shown signs of recovery over the past week by consolidating around the $30,000 price mark.
However, things took another dimension on Wednesday, May 18, as the price of Bitcoin spiraled down once again below $29,000 after a strong correction in the equity market in the United States.
This again brings to the fore the ongoing criticism of the largest crypto for its consistent lack of price stability over the years, as echoed by the famous Bitcoin critic Peter Schiff.
Schiff admitted that he is surprised at how the BTC has held its own for this long, but the hodlers should not be too excited about this because investors have limited time to buy the dip. The recent brief recovery is a bull trap to attract major buyers before another major leg down takes place.
According to Schiff, despite being viewed as the perfect hedge against inflation in the future by industry experts, Bitcoin is far from attaining such a position. He explains that the rising inflation, which is occasioned by the high price of energy and other necessities of life, would put more pressure on Bitcoin, which it cannot handle.
Also read:According to Schiff, if Bitcoin hodlers want to feed and drive themselves, they should be prepared to sell a substantial part of their tokens to afford to.
More Price Shedding to Come
It is undeniable that the largest cryptocurrency in the world in terms of market cap has been steadily following the pattern of the Nasdaq 100 on Wall Street for some time now, and industry analysts have been talking about it.
If the Nasdaq undergoes a further correction, which is a possibility, Bitcoin could be in for another toss in the market.
According to crypto analyst Lark Davies, Nasdaq has corrected up to 28% from its peak, more than it has ever done in a decade.
Meanwhile, it also tanked under critical support at the 12,100 level on Tuesday. Thus, more pain lurks on Wall Street and for Bitcoin and its hodlers.
If the price of Bitcoin drops further, under $28,000, the next available support zone will be $22,000. From this, altcoins will be in for more price shedding in the coming weeks.
In all these, Robert Kiyosaki, the celebrated author of Rich Dad Poor Dad, remains bullish on the long-term prospect of Bitcoin. He tweeted that he awaits testing new price bottoms, $20K, $14K, or even below.
According to the author, he remains bullish on Bitcoin because the Federal Reserve and Treasury are self-serving organizations that are on course to self-destruct before honesty and integrity are associated with them. They are morally bankrupt to do so, added Kiyosaki.
Speculations about the imminent market recovery of Bitcoin remain. Still, no one is sure when the pain will be over, not even the ardent BTC supporters and experienced traders.
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