Peter Schiff, the chief global strategist of Euro Pacific Capital, urged investors to sell Bitcoin in January when the coin was trading at $18,000. However, the cryptocurrency has continued to show strong momentum by rising over 54% since then and trading above $27,000 at press time. This addresses the unpredictability of cryptocurrency and its resistance to traditional market analysis.

This was similarly seen in March when Jim Cramer, host of the TV show “Mad Money,” had advised investors to sell when Bitcoin was trading at $24,000. Following his advice, the leading cryptocurrency has rallied over 20%, demonstrating the resilience of the leading digital asset.

Currently, Bitcoin is facing strong resistance at $28,377 and an analysis from Michaël van de Poppe points out that the cryptocurrency could accelerate towards $29,200 if it can break the $27,800-$28,000 range. Nevertheless, the digital asset’s future momentum depends on how long it can sustain the break out of the resistance level.

Even though some investors remain doubtful of the future of Bitcoin, especially when it comes to the short-term worth of the digital asset, the fact that the cryptocurrency has been able to sustain a strong momentum even throughout times of advice to sell is encouraging. Furthermore, this highlights the revolutionary potential of the leading digital asset and how it has the power to challenge traditional market strategies.



Other News from Today