The ongoing Bitcoin (BTC) crypto rally has caught some investors by surprise, with lingering questions about the sustainability of the momentum after the prolonged bear market in 2022. Some view the gains as temporary, while others believe that Bitcoin’s next bull run has begun.
Among individuals retaining a bearish sentiment despite the gains is Peter Schiff, the chief global strategist of Euro Pacific Capital. He views the current rally as temporary while terming it an opportunity to get out of the market.
For instance, on January 12, Schiff tweeted that with Bitcoin trading above $18,000 at the time, it was “an excellent opportunity for HOLDers to sell.” He had anticipated the asset to crash ahead of the United States Consumer Price Index (CPI) release.
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However, the opposite has occurred, and the price of Bitcoin has continued to rise despite Schiff’s call to sell. By press time, Bitcoin was trading at $22,869, representing gains of about 27% since Schiff called on holders to sell.
Bitcoin fuelled by positive CPI data
Notably, the U.S. CPI data outcome came in lower, hinting that the Federal Reserve might slow down its monetary policy. This served as fuel for the ongoing crypto market rally.
It’s worth noting that this is not the first time Schiff has been bearish on Bitcoin. After Bitcoin showed signs of rallying during the 2022 bear market, he referred to the momentum as a “sucker rally” and urged investors to exit the market.
Additionally, Schiff believes that gold is superior to Bitcoin. However, as reported by Finbold, he acknowledged that Bitcoin’s rally during the last bull market partly contributed to attention shifting away from the precious metal.
His bearish stand on crypto has pushed the economist to dismiss the need for regulations when different jurisdictions are pushing for laws to govern the sector. According to Shiff, there is no need for rules as the market will likely crash to zero.
Currently, Bitcoin has stabilized its price above the $22,000 mark while facing resistance at $23,000. At one point, the maiden crypto briefly breached the $23,000 level, recording a significant capital inflow.
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