Crypto Pundit Says Altcoin Sentiment Will Collapse Bitcoin (BTC)

Bitcoin has had a solid week and has been on the way to posting new all time highs. However, a famous crypto pundit believes that the dominant cryptocurrency will be collapsed by altcoins – mostly because of Ripple, Ethereum and Litecoin which are all capitulating en masse.

As the coming altcoin news show, the sentiment around altcoins is at extreme lows, yet the majority of the crypto market believes that Bitcoin is about to embark on its next bull run. However, with altcoin sentiment in the gutter, many are questioning if the fear, uncertainty and doubt could all spill over into Bitcoin and cause the bull rally to collapse. According to a famous crypto pundit, “it is the weakest link of the chain that breaks first.”

We are talking about Peter Schiff, a gold bug and cryptocurrency expert who made some true predictions in the past. As of recently, Schiff took the opportunity to blast both Bitcoin and the rest of the market, stating:

“Those arguing the collapse of altcoins validates Bitcoin are whistling past the crypto graveyard. Altcoin demand drives the Bitcoin on-ramp. The weakest links of a chain break first. Once confidence in altcoins is lost, Bitcoin is next. The similarities outweigh the differences.”

Those arguing the collapse of altcoins validates Bitcoin are whistling past the crypto graveyard. Altcoin demand drives the Bitcoin on-ramp. The weakest links of a chain break first. Once confidence in altcoins is lost, Bitcoin is next. The similarities outweigh the differences.

— Peter Schiff (@PeterSchiff) August 10, 2019

The crypto pundit and famed gold investor was in the latest cryptocurrency news for stating that “once confidence in altcoins is lost, Bitcoin is next,” and says its due to how “altcoin demand drives the Bitcoin on-ramp.” His comments should definitely be taken with a grain of salt (given the frequency of his BTC bashing) but there is still no denying that altcoin sentiment could harm Bitcoin.

What many other crypto analysts are trying to tell the world (and this crypto pundit) is that the altcoin sell pressure is affected by many other factors – and one of them is Bitcoin itself. At this point, we can see that altcoins are very far from their all-time high prices which proves that they are not in the position to harm any cryptocurrency, especially not Bitcoin.

All in all, the crypto pundit has not taken every factor in consideration which is why his analysis is nothing but a rumor and a small prediction featured in this week’s altcoin news.