Peter Schiff, a well-known crypto critic and gold advocate, has said Bitcoin's return to levels above $20,000 does not mean the cryptocurrency has bottomed out.
According to the CEO of Euro Pacific Capital, this mark will become the same "bull trap" as $30,000.
On May 11, the price of Bitcoin fell to this level. For about a month, the price hovered near this psychological mark, but on June 13 it fell below $23,000.
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On Saturday, June 18, the price of BTC broke through the $20,000 level. A trader under the nickname crypto bullet has predicted that the price could drop to as low as $18,600. The local low was $17,760, after which Bitcoin broke above $20,000.
Schiff has said:
"Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom."
Following Bitcoin's crash to $20,000, Mike Novogratz, founder and CEO of crypto bank Galaxy Digital, expressed hope the price would remain at this level.