Peter Schiff believes Bitcoin will likely continue to fall for this particular reason
Vocal Bitcoin critic expects Bitcoin to continue its decline, citing one likely reason from his poll
Founder of SchiffGold and CEO of Euro Pacific Capital, economist and fund manager Peter Schiff has taken to Twitter to conduct a poll related to the current collapse of Bitcoin below the $20,000 level.
Based on this research, gold bug Schiff has suggested the reason why the leading crypto may not regain the psychological $20,000 mark and may go lower.
“There Are More Bitcoin Sellers Than Buyers”
Schiff tweeted that he believes that while there are a large number of Bitcoin buyers below the $20,000 level, there are even more of them looking to sell BTC above $20,000.
He set up a poll to find out what his followers on Twitter think about this. So far, the majority, 52.9%, have voted to say that there are more sellers of Bitcoin than those who want to buy it.
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Within 13 hours of launch, 16,336 people had already taken part in the vote.
Earlier this year, Peter Schiff stated a couple of times that he almost got it right with his bearish predictions for Bitcoin – this happened at the end of June and also nine days ago in August.
There still seem to be plenty of buyers for it #Bitcoin under $20K. But there are also many sellers over $20K. I think the market runs out of buyers before it runs out of sellers. What do you think happens first?
— Peter Schiff (@PeterSchiff) 28 August 2022
“Bitcoin Derangement Syndrome”
Schiff’s son Spencer, who is a Bitcoiner, chided his father for spending “too much time looking at the price.” He admitted that even BTC holders don’t spend much time on it. Schiff Jr. referred to the father’s actions as “Bitcoin Disruption Syndrome.”
On Saturday, Schiff Sr. a happy birthday to Spencer Schiff, again mentioning his passion for Bitcoin. Schiff Jr. responded that his attraction to BTC is not a passion, but rather a belief that BTC can make “mankind more prosperous and technologically advanced.”
Last year, in August, Spencer Schiff stated that he had gone all-in on Bitcoin from gold that his father loves and trusts so much.
Key whale addresses up in the last month
Santiment on-chain data provider has tweeted about Bitcoin’s movement around the $20,000 mark over the weekend, pointing to a correlation between the price of the flagship digital currency and whale wallets holding between 100 BTC and 10,000 BTC.
According to the recent tweet, the number of these wallets has increased by 103 in the last 30 days.
🐳 Like #Bitcoin has danced around $20,000 this weekend, a positive sign is the growth in the amount of key whale addresses. There is a connection between $BTC‘s price and number of addresses containing 100 to 10k $BTCand they have risen 103 in the last 30 days. pic.twitter.com/0ozMBG7Oct
— Santiment (@santimentfeed) 28 August 2022
Bitcoin pushed below $20K by Powell’s speech
The decline of BTC first below the $21,000 level, which later extended to below $20,000, is believed to be caused by the speech of Fed Reserve Chairman Jerome Powell on Friday.
He stated that the US Federal Reserve intends to maintain its hawkish position for a while longer. In reaction to this, both the stock markets and the crypto market began to fall sharply.
