Bitcoin (BTC) Could Print Yearly Price Loss After Ethereum (ETH) and Ripple's XRP: Peter Schiff

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Wed, 12/18/2019 - 14:35
Alex Dovbnya
Bitcoin still greatly outperforms gold and the S&P 500 in 2019 but Peter Schiff believes that the top coin could shed these gains by the end of this year
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In his latest tweet, gold bug Peter Schiff voiced yet another ominous Bitcoin (BTC) price prediction. The CEO of Europe Pacific Capital apparently thinks that the number one cryptocurrency could follow the lead of Ethereum (ETH) and Ripple's XRP that are about to end 2019 with a loss (the latter is so far down by more than 50 percent in the current year). 

Related
Peter Schiff on Bitcoin Price Drop: "Pump-and-Dumpers Are Losing Their Mojo"

Pie in the sky

2018 turned out to be the worst year for Bitcoin in its entire history -- the leading cryptocurrency bottomed below the $3,200 level and closed the year with a 70 percent price drop. However, as of Dec. 18, Bitcoin is still up by more than 80 percent year-to-date, which is the main argument of the bulls who want to justify its abysmal performance in late 2019. 

With bears still in charge, it is unlikely that Bitcoin will be able to stage a convincing recovery before the end of this year. The top cryptocurrency dropped to a new intraday low of $6,452, CoinStats data shows. At press time, Bitcoin is trading at $6,590 after witnessing a slight price uptick.

Related
Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff

Bitcoin nemesis  

Schiff usually becomes more active on Twitter when things turn south for Bitcoin, the novel digital asset that threatens to replace his much-beloved gold.  

Earlier this week, he called Bitcoin a "fraud" while urging early adopters to get out of the market due to the coin's falling prices. 

He also opined that Bitcoin's fall from grace could be a good life lesson for gullible millennials who will still be able to earn their money back.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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