- “Cryptos are melting”
- Sign of bullish reversal?
Odious financial commentator Peter Schiff has urged Bitcoin holders to sell the leading cryptocurrency above the $100,000 level, describing this as an incredible opportunity.
“If you own Bitcoin, hurry and sell it now, while the price is still above $100K,” Schiff said in a recent social media post.
Earlier this month, as reported by U.Today, Schiff warned that Bitcoin was ridiculously overpriced.
“Cryptos are melting”
Mike McGlone, Bloomberg’s senior commodity strategist, appears to be on the same page with Schiff, predicting that Bitcoin’s stay above the $100,000 level will not last long.
The Bitcoin-bull-turned-bear has noted that the Bloomberg Galaxy Crypto Index has dropped 1% in 2025 despite about a 16% gain in the S&P 500.
Sign of bullish reversal?
In the meantime, Kynikos Associates founder Jim Chanos has announced that the firm has unwound its short‑on‑Strategy/long‑Bitcoin trade.
Chanos first announced its audacious anti-MSTR bet on May 15, arguing that the leading Bitcoin treasury firm was overvalued relative to its Bitcoin holdings.
In June, as reported by U.Today, Chanos lambasted former Strategy CEO Michael Saylor for promoting “financial gibberish.”
Chanos’ bet turned out to be extremely prescient: MSTR has plunged by roughly 45%, while its premium to net asset value (NAV) has basically evaporated.
Bitcoin evangelist Pierre Rochard believes that this could be a sign that the bear market for the treasury company is finally coming to an end. “Expect continued volatility, but this is the kind of signal you want to see for a reversal,” Rochard said.