Peter Schiff points to MicroStrategy as the main buyer behind Bitcoin's surge to $99,180

From Investing.com

November 22, 2024 08:00:23 AM:

Peter Schiff, a gold supporter, points to MicroStrategy as the main buyer behind Bitcoin’s surge to $99,180. The company recently raised $3 billion in convertible debt to increase its Bitcoin holdings, potentially fueling the market. Schiff warns of a bubble, highlighting how institutional players like MicroStrategy impact Bitcoin’s price dynamics.

Bitcoin’s recent spike to $99,180 signals a significant shift from its bear market. The cryptocurrency has surpassed resistance levels at $70,000, $85,000, and now $99,000, showing strong bullish momentum with EMAs and high trading volumes. Schiff’s caution about institutional buying highlights potential volatility if demand falters or the macroeconomic environment changes.

While Bitcoin’s rally continues, Schiff’s warnings about leveraged buying by companies like MicroStrategy underscore the complex dynamics at play. Uncertainty remains about Bitcoin’s ability to sustain its rise above $100,000 amidst institutional and retail support.

Read more at Investing.com: Peter Schiff Reveals Who Pumped Bitcoin (BTC) to $99,180 By U.Today