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Bitcoin Critic Peter Schiff Says There Are No Signs of Bear Market Bottom Now

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Mon, 20/06/2022 - 12:07
Bitcoin Critic Peter Schiff Says There Are No Signs of Bear Market Bottom Now
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Founder of SchiffGold and CEO of Euro Pacific Capital Peter Schiff has taken to Twitter to comment on the return of Bitcoin above the $20,000 level. He does not believe the growth will continue.

"$20K is the new $30K" for Bitcoin

Schiff has warned that Bitcoin holders should not get excited about BTC going back above the $20,000 line. He believes that $20,000 is "the new $30,000" and that such small rises are normal for a big decline. Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."

Schiff also stated that he does not yet see any signs of a capitulation that would signify a bottom of the current bear market for crypto.

Several times earlier this year, Schiff shared a prediction that Bitcoin would fall as low as to test $6,000. Over the weekend, he tweeted that his earlier prediction of the cryptocurrency market dropping below the $800 billion mark had been confirmed, but it took a few more days and altcoins held up better than he expected them too.

"Gold has risen 40% since 2017 unlike BTC"

The SchiffGold founder also pointed out that, at the moment, Bitcoin has gone down below the all-time high of $20,000 reached back in December 2017. At the moment, as per Schiff, BTC sits 2% below that historic price level.

Compared to BTC, he tweeted, his favorite gold has gone down more than 40% since that time.

Related
Economist Peter Schiff Says His Prediction for BTC and ETH Prices Nearly 100% Confirmed

"Crypto has a future," Schiff says

Curiously, in an earlier tweet, Schiff admitted that "crypto likely has a future"; however, Bitcoin will not be included in it, he reckons.

Overall, he agreed that currently "a healthy shake-out" is taking place on the crypto market; however, the healthy part about it, he specifies, is that it is making the economy healthy, and it is not the crypto market itself that is getting stronger.

A lot of people in the crypto industry are saying that this crash is a healthy shake-out. I agree that it's healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it.

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