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Head of Euro Pacific Capital and founder of SchiffGold, economist and podcaster Peter Schiff, has taken to Twitter to share another piece of advice on Bitcoin with the community.
He believes that the level at which Bitcoin is currently holding is most likely a false bottom.
"The $20,000 bottom may drop out"
The Bitcoin hater pointed out that the flagship digital currency has been exchanging hands near the $20,000 level for nearly two weeks now.
He believes that Bitcoin is luring new investors to "climb aboard a sinking ship," but $20,000 is likely to prove to be a false bottom, per Schiff.
His advice is "to abandon the ship," otherwise, when the bottom drops out, it may be too late.
Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.— Peter Schiff (@PeterSchiff) September 6, 2022