Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

📰 News
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • 📰 News

    Peter Schiff thinks that the Bitcoin price could possibly drop another 90 percent after plunging to $2,000

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital Peter CEO Schiff, who is particularly famous for being a relentless crypto hater and claiming that the top coin has less utility than a tennis ball, recently took to Twitter to share his new BTC price prediction, and crypto Twitter got riled up.  

Must Read
Bitcoin Price Expected to Fall to $6k, Historical Data Indicates Big Rally Will Follow - READ MORE

Schiff becomes a Bitcoin chartist

The gold bug predicts that the BTC price could drop below $2,000 given that Bitcoin was about to form the bearish head and shoulders pattern. However, multiple prominent crypto traders were quick to question Schiff's skills in technical analysis. Particularly, Josh Rager explained why his forecast was flawed. 


When one Twitter user saw the silver lining in Schiff's uber-bearish prediction and expressed his desire to buy the dip, the gold bug said that BTC price could "easily" drop to as low as $200, thus doubling down on his bearishness. To put this into perspective, Bitcoin hasn't seen this price level since Oct. 2015.   

Crypto Twitter started spamming the thread with the "Remind Me Tweets" bot to make Schiff once again eat his words. 

Must Read
Trading Legend John Bollinger Suggests Recent Bitcoin Price Drop Could Be a Bear Trap: "Wait for It" - READ MORE

More bearish predictions

As reported by U.Today, Schiff forecasted that the BTC price could drop to as low as $4,000 right after the top coin's 20 percent drop to the $8,000 level. That bearish call is yet to become a reality, but Peter Schiff is not the only one who expects another price drop. 

Veteran chartist Peter Brandt also claimed that the BTC price could drop to as low as $5,500 before rallying to up to $50,000

Meanwhile, trader Alessio Rastani thinks that the crypto king could end up below $2,000 if his "wild card" scenario gets invalidated and bears gain the upper hand. 

Will Bitcoin experience another major drop? Share your take in the comments! 

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.

Recommended articles
CLOUD MININGPromoted