As of today, this leading cryptocurrency is trading at nearly $118,900 after a swift pullback, leading traders to debate whether another rally towards record highs is imminent.
For many in the market, the recent jump is yet another sign that the growth momentum still firmly leans towards Bitcoin. However, for long-time critic Peter Schiff, this is merely a new chapter in what he calls a dangerous bubble. Schiff dismisses this surge, arguing that it is just a wave of speculation rushing into what he still sees as 'the largest investment scam in history.'
While optimistic analysts believe that breaking through the $125,000 level could create a new all-time high, Schiff's skepticism points to a deeper concern — that the rise of Bitcoin is less about real-world adoption and more about the speculative frenzy driving investment flows from institutions, ETF demand, and bets on corporate balance sheets.
Some market observers warn that this cycle is fundamentally different from previous cycles. With public companies holding large amounts of Bitcoin reserves and exchange-traded products attracting billions in capital, this asset is more closely tied to traditional markets than ever before.
This correlation could increase risks if sentiment reverses. For example, a major sell-off of 'Bitcoin representative' stocks could trigger a chain reaction — stock prices drop, corporate buying power decreases, and BTC prices fall faster.
Currently, traders are watching to see if the support levels around $115,000–$116,000 hold. But as Schiff's recent statements have reminded the market, the bigger question may not be whether Bitcoin can rise further, but what will happen to the growing ecosystem of companies and investment funds surrounding it if the trend reverses.
