Bitcoin Basher Peter Schiff Strikes Back, Warns BTC Doomed For Another Scary Crash ⋆ ZyCrypto

Peter Schiff, one of bitcoin’s most notorious bears, is sticking to his prediction that the benchmark cryptocurrency is on the verge of more bloodshed.

“Get ready for the dumping”

You could say that the founder, CEO and global strategist of Euro Pacific Capital is a bitcoin perma-bear. Schiff shared his latest apocalyptic prediction on Twitter on August 22.

According to him, the business news channel CNBC devoted a lot of time to bitcoin on Monday, clearly portraying the cryptocurrency in a good light. In Schiff’s opinion, BTC mentions CNBC was paid by industry insiders and prominent advertisers who “called in some favors”.

These people are allegedly bent on duping CNBC viewers to buy bitcoin and crypto-exposed stocks so they can offload their assets. As such, he is telling investors to prepare for another steep bitcoin decline.

Peter Schiff regularly stirs up controversy in the crypto transition with his anti-Bitcoin stance. As Binance CEO Changpeng Zhao astutely pointed out, the incarnate gold bug tweets more about bitcoin than his favorite metal.

Could Bitcoin fall significantly from its current level?

Peter Schiff has been predicting nightmare scenarios for bitcoin for as long as I can remember. However, some of these predictions have come true.

In June of this year, he predicted that bitcoin was headed for $20,000 lows while ethereum, the second largest cryptocurrency, would slide to $1,200 apiece. Days later, Schiff worked to get those predictions 100% correct as the top two cryptocurrencies plunged to the levels he predicted.

On August 14, he again observed on Twitter that bitcoin formed two bearish patterns: a double top and an inverted head and shoulders top. Schiff claimed that the rising wedge pattern forming on the neckline heralded an epic drop to $10K. Less than a week later, the outspoken crypto-skeptic boasted that BTC had lost about 14% of its value since he published his earlier tweet.

Bitcoin seems to have stabilized today after taking a 10.83% hit in the past week. The OG crypto was trading at $21,458.41 at the time of publication. It remains to be seen whether Schiff’s latest prediction pans out.