Bitcoin briefly topped $122,000 earlier this week in one of its strongest rallies of the year, but the run was short-lived. The leading cryptocurrency has since retraced and is trading near $118,900, leaving traders debating whether a renewed push toward record highs is still likely.
Many market participants view the recent strength as evidence that momentum remains on Bitcoin’s side. Bullish analysts say a clean break above $125,000 could clear the way for a new all‑time high. Long‑time critic Peter Schiff, however, dismissed the surge as a wave of speculators, calling Bitcoin the “biggest investment scam in history.” Schiff argues the rally is driven less by real‑world adoption and more by speculative fervor — institutional inflows, ETF demand and corporate balance‑sheet bets, he warns.
That critique highlights a broader market concern: this cycle looks different. Public companies now hold large Bitcoin reserves and exchange‑traded products have attracted billions, tying BTC more closely to traditional markets. Several market watchers caution that increased interconnectedness could amplify downside risk if sentiment shifts. For example, a major sell‑off in a so‑called “Bitcoin proxy” stock could depress share prices, force companies to curb corporate buying and accelerate a fall in BTC itself.
Traders are watching whether support in the $115,000–$116,000 range holds firm over the coming sessions. Schiff’s remarks serve as a reminder that the debate is no longer only about price targets — it’s also about what happens to the growing web of companies and funds built around Bitcoin if the tide turns.
This article is for informational purposes only and does not constitute financial or investment advice.
