Crypto Analyst Claims Bitcoin’s $20K All-Time High Was Fake

- Advertisement -

[NEWS BLOG]: Crypto Analyst Claims Bitcoin’s $20K All-Time High Was Fake

A cryptocurrency analyst has suggested that price manipulation was behind Bitcoin’s current (and previous) all-time highs, and that the $20,000 December 2017 price was “fake.”

Cane Island Alternative Advisors’ Timothy Peterson has claimed that Bitcoin’s (BTC) near-$20,000 all-time high in December 2017 was “fake.”

In a tweet on June 11, Peterson said that it took seven years for people to accept that Bitcoin was manipulated in 2013, referencing a recent ruling by a Japanese court upholding data tampering charges against former Mt. Gox CEO Mark Karpeles.

He then asked, “How long before people understand $BTC was manipulated again in 2017 and 2019?” before signing off, claiming that the $20,000 ATH was “fake.”

"So, did we all have a mass hallucination?"

Peterson is not promoting some half-baked conspiracy theory that the Bitcoin all-time high, or ATH, never happened, merely that it likely happened due to manipulation.

When asked “What defines a ‘real’ ATH in [his] mind,” he responded that it was not in his mind but his math. He continued that an all-time high was legitimate:

“Only if supported by fundamentals as measured by active addresses, hash rate, and [transaction] counts. Otherwise price is not sustainable.”

A price differing substantially from the fundamentals was most likely caused by fraudulent price manipulation, he concluded.

"The real prediction is much bigger"

Peterson defended recent comments he had made comparing the current Bitcoin price moves to those just before the 2013 bull run. A proportionate bull run today would cause the BTC price to hit $75,000 within weeks.

However Peterson refuted claims that he had predicted such a rise. Instead, he claimed to have simply posed the hypothetical question, “Will history repeat itself?”

Peterson did recently predict that the Bitcoin price will rise to $1 million by 2027, based on an organically increasing number of users. He claims that this figure was derived purely from math, so it would presumably count as a legitimate ATH by his own definition.


- Advertisement -

OTHER RELATED NEWS

Bitcoin is Showing Early Signs of Fresh Surge, But 100 SMA is the Key

"Bitcoin Price is Slowly Recovering"

After a sharp downside correction, bitcoin price found support above $11,550 against the US Dollar. BTC remained well bid above the $11,550 level, but it settled below the 100 hourly simple moving average.

A swing low is formed near $11,581 and the price is currently recovering. It broke the $11,800 resistance zone, plus there was a break above the 23.6% Fib retracement level of the downward move from the $12,491 high to $11,580 swing low.

Moreover, there was a break above a crucial bearish trend line with resistance near $11,810 on the hourly chart of the BTC/USD - read more.

All 7-Eleven Stores Across the Philippines Now Sell Bitcoin

Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay.

Crypto in 6,000 outlets in the Philippines.

Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier: “Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are - read more.

Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching

"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"

Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.

This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.

At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.

In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]