In a recent interview with Kitco, gold bug Peter Schiff predicted that the price of Bitcoin could still drop below the $10,000 level due to forced selling.
He is convinced that Bitcoin topped out at the $69,000 level last November. “I don’t think it’s going to make a new high,” Schiff predicted.
Speaking of Bitcoin’s recent rally, the investor claims that it’s just a sucker’s rally. The largest cryptocurrency is trading slightly below the $24,000 level on major spot exchanges.
Schiff claims that the supply of cryptocurrencies continues to grow. He believes that there’s little difference between Bitcoin and other 20,000 tokens.
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Alex DovbnyaIt is worth mentioning that Schiff’s price predictions should be taken with a pinch of salt. Back in August 2019, the libertarian economist and money manager forecasted that the price of Bitcoin would never reach $50,000. Due to the impressive number of failed price calls, some traders now treat Schiff as a contrarian indicator. The gold bug has been predicting the demise of Bitcoin for more than a decade.
Still, even a broken clock is right twice a day. In mid-May, he correctly spotted an ominous formation on the Bitcoin chart. Back then, Bitcoin was trading slightly below the $30,000 level.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team