With Bitcoin (BTC) maintaining its price above $100,000, prominent Bitcoin skeptic Peter Schiff has issued a warning, urging investors to "sell now." He argues that the current price level presents an "excellent opportunity" to dispose of Bitcoin.
Schiff recently emphasized on his social media: "If you hold Bitcoin, sell it immediately," noting that "this is a rare selling opportunity while the price is still above $100,000 (approximately 100 million Korean won)." Earlier this month, he also pointed out that Bitcoin is "absurdly overvalued."
Some industry insiders share the same view. Bloomberg senior commodities strategist Mike McGlone predicts that Bitcoin will struggle to maintain its position above $100,000 for long. He analyzed, "Bitcoin is trading below its 200-day moving average (approximately $110,000), and the $100,000 mark could soon be breached." He also mentioned the weakening Bitcoin price and the Bloomberg Galaxy Crypto Index's 1% year-to-date decline, indicating an overall weak market trend.
On the other hand, Jim Chanos, a well-known activist investor who had bet on MicroStrategy ($MSTR) stock, said he had closed out short position in the stock. He established the short position in May of this year because MicroStrategy's stock price was trading at a premium to the value of his Bitcoin holdings, and recently announced that he had "closed the position." In fact, MicroStrategy's stock price has plummeted by about 45%, and the premium of the stock price relative to its net asset value (NAV) has almost disappeared.
Bitcoin supporter Pierre Rochard commented, "While volatility remains significant, this could be a harbinger of a market reversal," revealing his expectation for upward potential.
Bitcoin is currently trading below a key resistance level, investor opinions are severely divided, and uncertainty surrounding the market's future direction continues to intensify. Experts advise that, given the still-high price volatility and macroeconomic risks, a prudent strategy remains necessary.
