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Bitcoin (BTC) Preparing for Another 50% Drop: Peter Schiff

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Sat, 03/14/2020 - 08:24
Yuri Molchan
While Bitcoin remains in the $5,500 zone, the market is taking a break from the price crash but Peter Schiff predicts another 50-percent collapse for BTC
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For the second day, Bitcoin has been fluctuating around the $5,500 zone, giving traders a chance to catch their breath after the blood bath on the crypto market.

The well-known Bitcoin critic and gold advocate, Peter Schiff, has been shooting arrows at Bitcoin, calling it a sinking ship and saying that it is neither a non-correlated asset, nor a safe-haven one.

Now, the Euro Pacific Capital CEO has come up with a bearish prediction regarding the price of Bitcoin.

‘Getting ready to lose another 50%’

Over the last couple of days, Bitcoin has lost around 50 percent of its value. While discussing gold on his Twitter page, Peter Schiff has posted a large-scale bearish prediction, assuming that BTC is about to lose another 50 percent.

As for gold, Schiff states that this has also been the worst time for XAU, since 2011.

“#Gold had its worst week since it fell from its all-time record high in Sept. of 2011. That was the week the Fed convinced markets it could both normalize interest rates and shirk its balance sheet back to pre-crises levels. This is the week the Fed proved it could do neither.”

Related
Bitcoin (BTC) Price Can Still Reach $100,000, Stock-to-Flow Model Remains Valid: Analyst

‘Buying Bitcoin at $5,000 is incredibly attractive’

In his recent tweet, crypto trader Luke Martin assumes that right now it is a good opportunity to buy more BTC for those who remains bullish long-term. However, he emphasizes that he is not offering any financial advice this way.

As for the Bitcoin price, Martin says that statistically in the future the price may go lower.

“Before this gets interepreted the wrong way, I'm not in the business of trying to call bottoms! We could (and statistically probably will) go lower at some point in the future. Which is why it's so important to decide your time horizon when making any investment.”

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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