Economist and renowned Bitcoin critic Peter Schiff has expressed the need to sell Ethereum in favor of Bitcoin based on technical analysis.
Peter Schiff's Opinion on Cryptocurrency Markets
Schiff advises investors to sell Ethereum and invest in Bitcoin. He states: "As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether."
Ethereum's Market Situation Compared to Bitcoin
Although Schiff is not a fan of either cryptocurrency, he believes that Bitcoin might be the safer bet. He notes that Ethereum faces more 'acknowledged competition.'
Price Analysis and Forecasts
At press time, Ethereum is trading at $3,755, but Schiff argues that the recent rally is merely a 'bear market rally' for Bitcoin. 'I would not buy either myself, but I think Ether is in a bear market in terms of Bitcoin, and I think it just had a bear market rally.'
In conclusion, Schiff recommends investors re-evaluate their positions in the cryptocurrency market, suggesting they pay more attention to Bitcoin than to Ethereum.
