Gold bug and <a href="https://www.cryptoknowmics.com/news/binance-founder-company-didnt-buy-2-billion-worth-of-bitcoin/" target="_blank" rel="noopener">Bitcoin</a> skeptic Peter Schiff says Bitcoin’s recent pump above $20,000 is just ‘another bull trap’ and that the bear market is still in force.
<h2>Bitcoin is in a Bull Trap, According to Peter Schiff</h2>
Over the weekend, Bitcoin (BTC) saw its price dropping below $20,000 for the first time since 2020. From the lows of $18,000, BTC has now reclaimed the $19,000 range and is still working on stabilizing the $20,000 support.

However, Peter Schiff doesn’t think the recovery is a positive sign for BTC. According to him, this is only a bear trap that could mislead people into thinking a bull run is oncoming, only for the cryptocurrency to crash again.

In fact, he believes that the ‘slow motion crash’ has been extremely orderly, adding that prices don’t fall in a straight line which confirms his statement that the price increase is a bear trap.

https://twitter.com/PeterSchiff/status/1538610320855400454

For instance, crypto prices usually swing up and down at a certain point before either consolidating the support or succumbing to pressure to establish a lower support point. But according to Peter, the dynamics that form a price bottom in a bear market are missing in the <a href="https://www.binance.com/en-IN/price/bitcoin" target="_blank" rel="nofollow noopener">BTC price chart</a>, suggesting that the bottom is yet in.

Bitcoin's Return Above $20k is 'Just Another Bull Trap,' Says Peter Schiff

Gold bug and Bitcoin skeptic Peter Schiff says Bitcoin’s recent pump above $20,000 is just ‘another bull trap’ and the bear market is still in force.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin's Return Above $20k is 'Just Another Bull Trap,' Says Peter Schiff

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