Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff

[secretgirl]

Peter Schiff ruthlessly shatters the dreams of Bitcoin holders who hope that the top coin will reach new highs, reiterating his point about market manipulations.

Peter Schiff, the CEO of Euro Pacific Capital, is not amused by Bitcoin's latest 40 percent price revival.

The world-famous gold proponent continues to insist that the crypto market is being manipulated by deep-pocketed whales.

In his latest tweet, Schiff states that large Bitcoin holders want to protect themselves from the upcoming market crash by selling their BTC and using delusional holders to cash in.   

After numerous pundits tried to wrap their heads around the recent market rally, Schiff took to Twitter to share his own take on Oct. 28. He believes that this Bitcoin turnaround had nothing to do with China and everything to do with whales "suckering in" gullible buyers.

Schiff rose to stardom by accurately foreseeing the financial market crisis in 2008, but Bitcoin price predictions might not be his thing.

As reported by U.Today, he claimed that the BTC price could plunge to as low as $2,000 on Oct. 20, less than a week before Bitcoin recorded its third biggest daily gain in history.

His $4,000 prediction, which was made right after Bitcoin's precipitous plunge to the $8,000 level, also never came to fruition.   

Source

Undeniably price manipulation often happens in unregulated crypto markets. Do you agree in this economist statement or do you oppose? Do you believe that recent price surge is cause by manipulation or natural demand?

yeah i also think like that maybe the rise in bitcoin yesterday was manipulated by the pope. we know that they have large amounts of bitcoin and every sale or purchase can have an impact on the price of bitcoin. but sometimes bitcoin price fluctuations can also be influenced by the news. and maybe the news about the statement of the Chinese president who supported the blockchain yesterday also affected bitcoin. in conclusion I also do not know exactly what caused bitcoin to pump yesterday.

[Fatunad]

Totally! I think Peter Schiff is a huge positive for Bitcoin. He talks so much shit because he knows Bitcoin's properties make it a great competitor to gold.

It is not a good comparison to make as both have their importance and gold is historically used as a store of value and it will be like that for centuries and bitcoin is a new market which has many properties and i do not want to see that getting restricted simply as a store of value or a speculative coin, i want to see bitcoin as a currency first and a combination of everything.

Sadly most people are using btc as a store of value. If you forgot there are a lot of investors who are holding long term waiting for the price to reach another peak. How are we able to turn btc as a currency if people keeps on hoarding btc? This is somehow a kind of challenge that btc and cryptocurrency is facing right now. We want it to become a currency more than just a store of value but people aren't showing some interest in that area.

[Sithara007]

Creating panic so he can buy more and if you are on this market before you will realize this movement by the whales. Whales can sell anytime even without a crash and I don’t think bitcoin will crash that much especially now that a lot of good news supporting the pump and dump of bitcoin. We will go up because whales will stop from selling until we make new ATH again.

The last time I checked, we were less than 7 months away from the next block reward halving. Now I am not sure whether the bounce that results from the block reward halving will occur before the event or after that, but I am 99% certain that there will be a considerable spike as a result of that. During the block reward halving of 2012, we had a spike of 315x ($4 to $1260), while during the second block reward halving in 2016, the prices went up from $200 to $20,000 (100x).

It is difficult to predict how much the prices will go up, but so far this year we had a 3x increase (from $3,100 to $9,400). If what happened in 2012 and 2016 repeats in 2020, then we can expect BTC to go up by anywhere from $100,000 to $250,000 per coin (from the base price of $3,100 that represents an increase of 33x to 80x). At this point, I would say that only fools would consider selling their coins. Now it is time to hold them and wait for the bounce from the reward halving.  

[EdvinZ]

We can't know for sure if the recent growth of cryptocurrencies is due to manipulation or natural demand. However, this is not so important, it is important that people invest in Bitcoin and the market lives by it. Now it is supported almost only on the desire of investors to profit from investments in cryptocurrencies. At the moment, there is no clear plan for the use of cryptocurrencies in the real economy. If this happens and digital money is used in the real economy, and not just for profit, we can say with confidence that the price change will be caused by natural demand.

[jrrsparkles]

We have to say like this "market gets crashed after whales selling their bitcoins",its nothing new to the bitcoin and its capable of manipulating with huge buy or sell orders in the desired phase they want to move but economist can't predict the manipulations unless they are one of a bitcoin whale.

Anyway what's his point to the people by making prices get manipulated,wants everyone to stay everyone from bitcoin market or he is saying about whale's strategy?

Creating panic so he can buy more and if you are on this market before you will realize this movement by the whales. Whales can sell anytime even without a crash and I don’t think bitcoin will crash that much especially now that a lot of good news supporting the pump and dump of bitcoin. We will go up because whales will stop from selling until we make new ATH again.

One of the most profitable strategy used by whales is moving the market in the wrong direction especially when there are lot of good news hanging around and investors might thing this is going to be a price boom in the near future but they will dump the market and crash most currencies prices then will buy back at more cheaper then the prices will starts to increase and investors will again start hoping for this will be bullish.

[deisik]

Creating panic so he can buy more and if you are on this market before you will realize this movement by the whales. Whales can sell anytime even without a crash and I don’t think bitcoin will crash that much especially now that a lot of good news supporting the pump and dump of bitcoin. We will go up because whales will stop from selling until we make new ATH again.

The last time I checked, we were less than 7 months away from the next block reward halving. Now I am not sure whether the bounce that results from the block reward halving will occur before the event or after that, but I am 99% certain that there will be a considerable spike as a result of that. During the block reward halving of 2012, we had a spike of 315x ($4 to $1260), while during the second block reward halving in 2016, the prices went up from $200 to $20,000 (100x)

This is all pure speculation

As you note further in your post, we went from lower 3k's to almost 14k (not 9k), and we did this feat without any halving. That actually leaves it open to discussion whether the coming halving will have such an impact on prices. Yeah, we would like to expect Bitcoin to rise past its 2017's highs. But if it rose so much without halving (i.e. thanks to speculation alone), it could as easily drop before or after the next halving. Each halving becomes less and less relevant since the reduction in the reward will be affecting the total supply in an ever smaller and smaller degree

[Linkkoin]

Creating panic so he can buy more and if you are on this market before you will realize this movement by the whales. Whales can sell anytime even without a crash and I don’t think bitcoin will crash that much especially now that a lot of good news supporting the pump and dump of bitcoin. We will go up because whales will stop from selling until we make new ATH again.

The last time I checked, we were less than 7 months away from the next block reward halving. Now I am not sure whether the bounce that results from the block reward halving will occur before the event or after that, but I am 99% certain that there will be a considerable spike as a result of that. During the block reward halving of 2012, we had a spike of 315x ($4 to $1260), while during the second block reward halving in 2016, the prices went up from $200 to $20,000 (100x)

This is all pure speculation

As you note further in your post, we went from lower 3k's to almost 14k (not 9k), and we did this feat without any halving. That actually leaves it open to discussion whether the coming halving will have such an impact on prices. Yeah, we would like to expect Bitcoin to rise past its 2017's highs. But if it rose so much without halving (i.e. thanks to speculation alone), it could as easily drop before or after the next halving. Each halving becomes less and less relevant since the reduction in the reward will be affecting the total supply in an ever smaller and smaller degree

We may not see such 1000% rise in price from bottom to peak like with the last halving of LTC, yet still, 200-300% price increase is a very possible thing.

[fullhdpixel]

many people have guessed bitcoin and predict the price but many have missed it,
in the telegram there are some BOT about bitcoin transaction information, we can see it there, if there are transactions with a lot of bitcoin we can predict whether the market will decline or not, that I think it's very helpful, I don't know if whales really sells all bitcoin, but we can see transactions so don't worry, we just follow the flow

No one is that stupid, especially whales. These are the people who like to be called as the owner of world’s most precious things. Bitcoin is now above all of other assets. It is impossible that whales will leave bitcoin. They never did. If any of them would commit such stupid act, he will be losing his present position. Such acts cannot hurt bitcoin for sure. If one whale leaves, other will takes it place.

People just like to sit down on their bed and imagine some things from their mind without fact and analysis, they make it known to the public and say it as if they are sure it is what is exactly happening. This is really a ridiculous thing to think that whales will be selling off their coin now that they are just accumulating.

If the op had said they are accumulating, I would have seen sense in it because what whales does is to look for the available opportunities to actually buy bitcoin at a lower price which they wait for the coin to really grow before making any step to actually sell and of course, they will never sell all the portion of what they had accumulated, they will only sell the little that they can sell while they await bull run for the remaining one.

[carriebee]

Peter Schiff ruthlessly shatters the dreams of Bitcoin holders who hope that the top coin will reach new highs, reiterating his point about market manipulations.

Peter Schiff, the CEO of Euro Pacific Capital, is not amused by Bitcoin's latest 40 percent price revival.

The world-famous gold proponent continues to insist that the crypto market is being manipulated by deep-pocketed whales.

In his latest tweet, Schiff states that large Bitcoin holders want to protect themselves from the upcoming market crash by selling their BTC and using delusional holders to cash in.   

After numerous pundits tried to wrap their heads around the recent market rally, Schiff took to Twitter to share his own take on Oct. 28. He believes that this Bitcoin turnaround had nothing to do with China and everything to do with whales "suckering in" gullible buyers.

Schiff rose to stardom by accurately foreseeing the financial market crisis in 2008, but Bitcoin price predictions might not be his thing.

As reported by U.Today, he claimed that the BTC price could plunge to as low as $2,000 on Oct. 20, less than a week before Bitcoin recorded its third biggest daily gain in history.

His $4,000 prediction, which was made right after Bitcoin's precipitous plunge to the $8,000 level, also never came to fruition.   

Source

Undeniably price manipulation often happens in unregulated crypto markets. Do you agree in this economist statement or do you oppose? Do you believe that recent price surge is cause by manipulation or natural demand?

Actually if we think what happen in the market last week you will just think twice because bitcoin price dramatically go down then in just a minute the price go higher like a rocket. So if it's a natural demand why the price is bounce like that. Obviously it's a manipulation of whales that till now playing the market. I think people don't panic when they see the price in the market is going down because whales get this opportunity to play the market again.

[Pamadar]

One of the most profitable strategy used by whales is moving the market in the wrong direction especially when there are lot of good news hanging around and investors might thing this is going to be a price boom in the near future but they will dump the market and crash most currencies prices then will buy back at more cheaper then the prices will starts to increase and investors will again start hoping for this will be bullish.

Whales are whales, they are not affected of any news or any technical analysis. The sooner they seen there's opportunities  coming from the open market they will simply grab it. Most of the time those whales dives to the deepest creating artificial downfall and waits for weak holders to panic and sell out everything. Those poor investors that being victimized loses their money since whales will buy it back and grab more coins inside their bags.

[exstasie]

I saw another bearish Peter Schiff prophecy in my Twitter feed today. CryptoBull puts it into perfect context:



Schiff is like every other BTC perma-bear I've ever seen, always celebrating end-stage selloffs without realizing the market is bottoming.

I doubt we'll see prices any lower than $8,500.

[wheelz1200]

Peter Schiff ruthlessly shatters the dreams of Bitcoin holders who hope that the top coin will reach new highs, reiterating his point about market manipulations.

Peter Schiff, the CEO of Euro Pacific Capital, is not amused by Bitcoin's latest 40 percent price revival.

The world-famous gold proponent continues to insist that the crypto market is being manipulated by deep-pocketed whales.

In his latest tweet, Schiff states that large Bitcoin holders want to protect themselves from the upcoming market crash by selling their BTC and using delusional holders to cash in.   

After numerous pundits tried to wrap their heads around the recent market rally, Schiff took to Twitter to share his own take on Oct. 28. He believes that this Bitcoin turnaround had nothing to do with China and everything to do with whales "suckering in" gullible buyers.

Schiff rose to stardom by accurately foreseeing the financial market crisis in 2008, but Bitcoin price predictions might not be his thing.

As reported by U.Today, he claimed that the BTC price could plunge to as low as $2,000 on Oct. 20, less than a week before Bitcoin recorded its third biggest daily gain in history.

His $4,000 prediction, which was made right after Bitcoin's precipitous plunge to the $8,000 level, also never came to fruition.   

Source

Undeniably price manipulation often happens in unregulated crypto markets. Do you agree in this economist statement or do you oppose? Do you believe that recent price surge is cause by manipulation or natural demand?

It's a bit of both. While bitcoin is getting harder and harder each day to manipulate by some large movers it still happens.  Bitcoin is still in the phase where new peoe are learning about it each day so I think a lot of it has to do with peoe on boarding as well.  The halving coming up also has some people buying ahead of that event as well.  Could it crash yup, could it spike yep.  Point is buy bit by bit and dont worry about the short term ups and downs unless you are a trader.

[Mometaskers]

Seeing the rate now, I think there is an effort to crash the price. There are some predictions that it can even go down as low as $900.

If this proves to be true, it's likely an effort to snag REALLY cheap coins in preparation for another cycle of boom. Some expect the price to hit as high as $100k upon halving. We'll just have to wait and see. In the meantime if you've held out this long, might as well hold on for a few more months and bet on the predicted rise upon halving.

[Vishnu.Reang]

We may not see such 1000% rise in price from bottom to peak like with the last halving of LTC, yet still, 200-300% price increase is a very possible thing.

A 300% price increase would take Bitcoin from the current levels of $9,000 to $36,000. I am not sure whether we can expect such a rise. I would say that the chances looks 50/50 right now. There is also a good chance that the exchange rates can go down (just like what happened to Litecoin, immediately after the block reward halving)

[Kakmakr]

I think we will be better off making our Bitcoin investment decisions based on the opposite of what Peter Schiff are saying, because he has been more correct with his incorrect predictions than he was with the accurate predictions.  

A lot of so-called experts will make say 20 incorrect guesses and when one prediction are accurate, people will celebrate their genius. I think Peter Schiff is one of those people and at one stage he will get lucky and people will follow him like sheep to the slaughter.  

Just 15 predictions to go, he might get lucky soon.  

[Wysi]

We may not see such 1000% rise in price from bottom to peak like with the last halving of LTC, yet still, 200-300% price increase is a very possible thing.

A 300% price increase would take Bitcoin from the current levels of $9,000 to $36,000. I am not sure whether we can expect such a rise. I would say that the chances looks 50/50 right now. There is also a good chance that the exchange rates can go down (just like what happened to Litecoin, immediately after the block reward halving)

I don't think we can expect such a huge increase as things can go either way, I think our own analysis can help us in order to take right decisions because as per current market situation we cannot believe any prediction. We need to consider Litecoin halving and XLM burning half of it's unused tokens which did not have any significant impact on price increase.

[Getmon]

We may not see such 1000% rise in price from bottom to peak like with the last halving of LTC, yet still, 200-300% price increase is a very possible thing.

A 300% price increase would take Bitcoin from the current levels of $9,000 to $36,000. I am not sure whether we can expect such a rise. I would say that the chances looks 50/50 right now. There is also a good chance that the exchange rates can go down (just like what happened to Litecoin, immediately after the block reward halving)

I don't think we can expect such a huge increase as things can go either way, I think our own analysis can help us in order to take right decisions because as per current market situation we cannot believe any prediction. We need to consider Litecoin halving and XLM burning half of it's unused tokens which did not have any significant impact on price increase.

There was an effect actually. People are looking back at the previous halvings. There were effects, or at least the price of Bitcoin pumped following the halving. Whether those effects could really be attributed solely to the reward halving itself, we cannot be sure. As with Stellar burning billions of their tokens, there was also an immediate pump that followed. That was not a huge pump though, not even reaching 50%.

[Cnut237]

I think it is very revealing that the most vociferous opponents of bitcoin are exactly those people who have the most to lose if crypto is a success. People like that are the same as the oil company execs who say global warming is fake. If someone makes a pronouncement that bitcoin will succeed or fail, always the first question to ask is what does this person have to gain or to lose? Sometimes it is so transparent it is laughable. The louder these people become, the more their predictions start to look like desperate wishful thinking rather than cold hard logical analysis.

[deisik]

While bitcoin is getting harder and harder each day to manipulate by some large movers it still happens

From my perspective, things look a little bit different

We have recently seen a surge in volatility of Bitcoin prices, and that has a simple explanation as well as a straightforward implication and an obvious conclusion. The explanation is that these bouts of volatility are due to markets becoming thin (what can be seen by declining trading volumes)

Then, the implication is that with thin markets it takes less liquidity to move them in the desired direction, be it up or down, or even preventing such moves (as this is also a possibility and an option). All that leads us to a conclusion that Bitcoin is in fact getting easier to manipulate as trading volumes decline

[jrrsparkles]

While bitcoin is getting harder and harder each day to manipulate by some large movers it still happens

From my perspective, things look a little bit different

We have recently seen a surge in volatility of Bitcoin prices, and that has a simple explanation as well as a straightforward implication and an obvious conclusion. The explanation is that these bouts of volatility are due to markets becoming thin (what can be seen by declining trading volumes)

Then, the implication is that with thin markets it takes less liquidity to move them in the desired direction, be it up or down, or even preventing such moves (as this is also a possibility and an option). All that leads us to a conclusion that Bitcoin is in fact getting easier to manipulate as trading volumes decline

Yeah agree that if the daily trading volume of bitcoin is less then it will need less money to manipulate the prices but the manipulation may not more profitable to the whales if no traders respond to that but currently they were reacting to the price drop this has further impact on the prices and gives opportunity for whales to make profits and left the traders suffers so traders need to see this strategy and plan accordingly.