Peter Schiff Expects Bitcoin Price To Dump Soon, Here’s Why
Vocal Common Bitcoin Critic Economist Schiff Thinks BTC Is Bound To Resume Falling Soon, And Gives Why
CEO of Euro Pacific Capital and founder of SchiffGold, fund manager and podcaster Peter Schiff has taken to Twitter to draw the attention of the crypto community to the fact that CNBC again discussed Bitcoin broadly and in a positive tone.
Such mentions of the flagship digital currency on CNBC lead Schiff to tweet about an impending BTC drop. Here’s why.
“Get Ready for the Dump”
Goldbug Schiff believes that the mentions made on CNBC on Monday were paid for by crypto industry insiders and big advertisers who, in Schiff’s view, “called in some favors.”
Boldly assuming that these Bitcoin whales’ intention was to “turn off CNBC viewers into buying crypto,” as well as stocks related to the crypto industry, he warned that another Bitcoin dump could be coming soon.
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CNBC has pumped #Bitcoin pretty hard all morning. It must mean #crypto Industry insiders, major advertisers on the network, call in some services. They will suck @CNBC viewers to buy crypto and crypto-related stocks so they can sell. Get ready for the dump!
— Peter Schiff (@PeterSchiff) 22 August 2022
Here’s when Schiff’s bearish warnings came true
Earlier this year, there were a couple of times when Schiff’s bearish predictions about Bitcoin and Ethereum came true almost 100% of the time, and he bragged about it on Twitter to his audience.
In early June, he tweeted that Bitcoin would likely test $20,000, while Ethereum, according to his expectations, would go down to $1,200. On June 16, Schiff wrote on Twitter that he got these predictions right at a rate of almost 100% as BTC and ETH came very close to the values he predicted.
On Saturday, August 20, he tweeted again that Bitcoin started falling after he released a tweet about two bearish patterns forming on a Bitcoin chart – a Double Top and an inverse Head and Shoulders pattern. Together they formed a reversal pattern known as a Rising Wedge.
He then noted that within five days of posting the tweet, the price of the royal crypt fell by 14%.
Schiff tweets about BTC more than gold
Peter Schiff complained that instead of heeding his warning, people on Twitter started accusing him of spreading FUD (fear, uncertainty, doubt) and mocking him for the bearish forecast.
This time, however, the head of the Binance exchange, Changpeng Zhao (known simply as CZ), ironically thanked Peter for tweeting about Bitcoin more than gold, of which Schiff is a longtime supporter.
Peter, you tweet more about #bitcoin than gold. Thanks. 😆
— CZ 🔶 Binance (@cz_binance) 22 August 2022
As of this writing, Bitcoin is trading in a range, changing hands in the $21,500 zone.
