Prominent Economist and Crypto Rival Expects Bitcoin to Fall at Least to Test Support at $5,000, Selling It Now Best to Repurchase Short, He Says
- “Hard to Imagine BTC Not Testing the Bottom Line”
- Schiff’s warning about ETH seems to be confirmed
Peter Schiff, a leading crypto hater and gold investor, shared a chart that suggests the leading digital currency could test $5,000 after bitcoin plunged below $21,000.
Meanwhile, Galaxy Digital head Mike Novogratz believes $20,000 could be the bottom for bitcoin, although he said it could certainly be lower.
“Hard to Imagine BTC Not Testing the Bottom Line”
Renowned wealth manager and economist Peter Schiff, CEO of Euro Pacific Capital and founder of SchiffGold, has taken another dig at bitcoin, noting that it is declining from the $30,000 level.
Earlier this year, he has shared his hopes for bitcoin falling below the $30,000 level several times. If this happens, he tweeted at the beginning of the year, BTC is likely to slide all the way down to $10,000.
On May 16, he posted a chart showing an “ominous” combination of bearish patterns for BTC – head and shoulders inside a double top. This happened when bitcoin was trading at $29,474. In that tweet, according to Schiff, the chart shows that BTC has “a long way to go” to decline and test the $8,000 level.
Now, he has shared a chart showing long term support at $5,000. Goldbug tweeted that Bitcoin could certainly trade higher, but it is likely to test $5,000 first, which is a long-term support level.
“It’s better to sell now and repurchase less,” he said.
how tall can someone be #bitcoin View this chart and don’t sell? Even if you think bitcoin will eventually trade higher, it’s hard to imagine it not testing the long-term support on the bottom line first. I think it will fail that test. Regardless, it’s better to sell now and repurchase short. pic.twitter.com/GlHa3JL9mv— Peter Schiff (@PeterSchiff) 15 June 2022
At the time of writing, BTC is trading at $20,305 according to CoinMarketCap.
Schiff’s warning about ETH seems to be confirmed
On Tuesday, the Goldschiff founder also tweeted that he confirmed his bearish prediction for Ethereum.
He posted a tweet from May 27, where he showed a chart that, in the case of bitcoin, links a double top with a head and shoulders, indicating a minimum price drop to the $1,000 level.
As of press time, Ether is changing hands at $1,041.