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Bitcoin at $20,000 Likely to Be False Bottom: Peter Schiff

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Tue, 6/09/2022 - 13:21
Bitcoin at $20,000 Likely to Be False Bottom: Peter Schiff
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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.

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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.

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His advice is "to abandon the ship," otherwise, when the bottom drops out, it may be too late.

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