Peter Schiff Says Investors Are Using Coronavirus To Sell The Market
There have been unusual declines in the United States market and people blame it on the Coronavirus outbreak. However, Bitcoin critic Peter Schiff does not agree with that notion. He believes that investors are leveraging the outbreak to sell the market.
The United States market experienced declines that led to the attainment of 2019’s lows. Today, the Chinese markets went down by 8 percent in spite of the PBOC pumping $174B. The last time such a decline occurred was in 2008. These events have boosted the cryptocurrency market as investors seek haven.
Schiff tweeted about the current market downtrend:
Coronavirus is the excuse that investors are using to sell the market. But if it wasn't the coronavirus, they would have found another excuse. https://t.co/rTGJ6MUs1X
— Peter Schiff (@PeterSchiff) February 3, 2020
He mentioned that investors are using it as an excuse to sell the market; that they would have looked for another excuse if not the virus. He said it was due to the vulnerability of the market after the U.S-China trade deal.
Such perspective may rock the cryptocurrency market’s rally. It is believed that the bad performance in the markets may be bringing investors to the cryptocurrency market. That is, a classic bull trap could come up if Schiff is right. Price upstrends come through the inevitable dumping and taking of profit by some investors.
In spite of what prompted market declines in China and the U.S., central banks are trying to relieve economies and keep printing out money.
— PlanB (@100trillionUSD) February 2, 2020
Some bullish technical indicators have been coming up on Bitcoin charts within the past few weeks. Analysts foresee more of this with the $9.5k barrier now the remaining barrier to be overcome for prices to skyrocket.
The Blockroots Alpha trend just printed a "long" signal this week on the $BTC 3D chart
The last two times "long" signaled:
– Sept '16 prior to the Bitcoin ATH
– March 26, days before the $1000 candle and run to $13ks#Bitcoin
— Josh Rager 📈 (@Josh_Rager) February 2, 2020
Featured image courtesy of Shutterstock. Source: Cryptopress.