Bitcoin's Rollercoaster Ride: Rally, Rainbow Chart, ETFs, Crucial Levels, and Soaring Bitcoin Cash.

Bitcoin skeptic Peter Schiff doubts the sustainability of the recent BTC rally, stating that it is merely a temporary thing and that the party will soon come to an end. Schiff believes that cryptocurrency lacks intrinsic value and is merely a speculative asset, advocating for investing in precious metals like gold instead. The surge in Bitcoin's value occurred shortly after US Federal Reserve Chair Jerome Powell testified before Congress about the state of monetary policy, creating a sense of uncertainty in the market and prompting investors to seek alternative investment opportunities, including BTC. Investors are optimistic about the prospects of increased institutional adoption and the potential approval of a Bitcoin spot ETF in the near future.