Bitcoin Critic Peter Schiff Says He Predicted Current Bitcoin Fall, Here’s How
Prominent Bitcoin hater says his bearish BTC prediction has come true again
In a recent tweet, vocal Bitcoin opponent Euro Pacific Capital and SchiffGold founder Peter Schiff recalled his post published on August 14, saying that this bearish prediction about Bitcoin came true, but not in the way he had expected the.
That tweet of his came several days before the current Bitcoin fall as the leading cryptocurrency fell more than 7 percent below the $22,000 level and Ethereum followed it by falling below $1,700.
They “should have heeded my warning and sold”
Schiff reminded the community of the tweet he posted last Sunday, in which he predicted that Bitcoin would likely test support below the $10,000 mark in the near future. In terms of details, Schiff warned that two bearish patterns – Double Top and Head & Shoulders top – formed a Rising Wedge.
So slipping below the $10,000 level is a minimal decline, according to that tweet from economist and fund manager Schiff.
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In today’s tweet, he pointed out that within five days of that post, Bitcoin fell by more than 14 percent, trading in the $21,300 zone at the moment, while many accused him of spreading FUD on Twitter.
Despite his warning being ignored, there is still time to sell Bitcoin, he tweeted.
This was my last #Bitcoin chirping. Many of you accused me of spreading myself #FUD. In the 5 days since this tweet, the price of Bitcoin has fallen by over 14%. Those making fun of my tweet should have heeded my warning and sold. There is still time to sell. Better late than never!
— Peter Schiff (@PeterSchiff) 19 August 2022
Get it right with bearish prediction for BTC and ETH in June
On June 16, Schiff tweeted that the Twitter post he published five days before about a likely fall of Bitcoin and Ethereum soon had come true by almost 100 percent.
He predicted that Bitcoin would fall to $20,000 and Ethereum would reach $1,000 after a decline. After that prediction, BTC only had $80 to fall to the $20,000 level, and ETH was within $20 of the projected $1,000. Thus, the leading coins fell 30 percent and 40 percent, respectively.
When the declines Schiff predicted are taken out, he stated that he would still expect “a real crash”.
Bitcoin recovers after hitting $20,000
Overall, as of August 19, Bitcoin fell over 10 percent, hitting the $20,000 zone. Now, the flagship cryptocurrency has recovered some of its losses, rising to the $21,186 level on the Bitstamp exchange.
