A cryptocurrency analyst claims that Bitcoin’s all-time highs were as a result of price manipulation, including the $20,000 that occurred in December 2017.
Timothy Peterson, a manager at Cane Island Alternatives Advisors, took to social media to voice his opinions about Bitcoin manipulation. His tweet on June 11 reads:
“It’s taken 7 years for people to come to grips with the fact Bitcoin was manipulated in 2013. Many still won’t acknowledge it. How long before people understand BTC was manipulated again in 2017 and 2019? The $20,000 ATH is ‘fake.’”
Attached to his tweet is a reference to a news report of the 2-year jail sentence of Mark Karpeles, CEO of the defunct Mt. Gox exchange, for data tampering.
Peterson is not refuting the fact that the all-time highs (ATH) happened. His claim is that they happened because of manipulation. Peterson believes that the maths leading up to the point of ATH does not add up. By maths, he means the hash rates, the transaction counts, and active addresses.
By his definition of ATH, Peterson recently posited that by 2027, Bitcoin’s price will top $1 million due to an increasing number of new users.
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