The Bitcoin price seems to have started to surge, surprising some investors and starting to wonder if the 2022 bear market is over. Some see it as a short-term bull run for Bitcoin, while others believe the bull run is coming.
Still believing Bitcoin’s rally is temporary, Euro Pacific Capital’s head of strategy, Peter Schiff, advised investors that this is a good opportunity to step out of the crypto market.
Earlier on Jan. 12, 2023, he tweeted that Bitcoin traded above the $18k level, which is a good opportunity for long-held investors to sell Bitcoin, as he expects Bitcoin price to rise. Falling when viewed from the United States Consumer Price Index (CPI).
But it appears that Bitcoin price did not fall as predicted by Peter Schiff, and Bitcoin price continued to rise despite Schiff’s advice to investors to sell. 27% after Peter Schiff posted this tweet.
Factors that cause the price of Bitcoin to skyrocket
The US CPI is currently lower, indicating that the Fed is now accommodating in monetary policy, which could push the crypto market back on track.
This isn’t the first time Schiff has tweeted that Bitcoin is in a downtrend. During 2022, with some of the rally in the Bitcoin price, Schiff called it temporary momentum and advised investors to get out of the market. He is someone who believes gold can be more profitable than Bitcoin and believes more in gold.
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