The $20K All-Time High of Bitcoin Was ‘Fake’, Analyst Says

The $20K All-Time High of Bitcoin Was ‘Fake’, Analyst Says

A cryptocurrency analyst claims that Bitcoin’s historical highs were the result of price manipulation, including $20,000 that occurred in December 2017.

Timothy Peterson, manager of Cane Island Alternatives Advisors, turned to social networks to express his opinion on the manipulation of bitcoins. His tweet of June 11th 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 link to a news report on the two-year prison sentence of Mark Karpeles, CEO of the defunct Mt. Gox exchange, for data substitution.

Peterson does not refute the fact that historical highs (ATH) have occurred. He claims that they were due to manipulation. Peterson believes that the math leading to the ATH point does not add up. By mathematics, it means hash rates, the number of transactions, and active addresses.

On June 7, he tweeted company data hinting that Bitcoin could reach $75,000 in a few weeks, but he later denied the allegation.

According to its ATH definition, Peterson recently said that by 2027, Bitcoin’s price will exceed $1 million due to an increase in the number of new users.

Did Our Thinking Go Awry?
Peterson is not promoting some unscrupulous conspiracy theory that bitcoin in history, or ATH, never happened, simply because it was probably due to manipulation.

When asked “What defines the” real “ATH in [his] mind,” he replied that it was not in his mind, but in his mathematics. He continued that the historical maximum was legal:

“Only if supported by basics measured by active addresses, hash rate, and several transactions. Otherwise, the price is not sustainable.”

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.