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If Bitcoin Breaks Well Below $30,000, Crash Under $10,000 May Follow: Peter Schiff

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Mon, 05/09/2022 - 09:19
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Yuri Molchan
SchiffGold chairman believes that Bitcoin may fall from $30,000 down below $10,000
If Bitcoin Breaks Well Below $30,000, Crash Under $10,000 May Follow: Peter Schiff
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Prominent Bitcoin hater Peter Schiff has taken to Twitter to repeat his earlier statement about Bitcoin's likely crash below $10,000.

In January this year, he tweeted that should BTC go under the $30,000 level, it would soon crash under $10,000 too. At that time, the leading crypto was trading at roughly $35,000.

Peter Schiff running a Bitcoin-related poll, 54% plan to HODL

The CEO and chief global strategist of Euro Pacific Capital, and chairman of SchiffGold, has named a condition on which the global flagship cryptocurrency may collapse below the $10,000 level.

In his tweet, Schiff stated that in order for that to happen, Bitcoin needs to break significantly below the $30,000 price line.

He has launched a Twitter poll to find out how Bitcoin holders among his followers plan to act should BTC keep dropping and fall below $30,000.

A total of 33,425 voters have taken part in the survey, and slightly over 54% have chosen the "I'll HODL" option.

Ten point five percent plan to sell without repurchasing BTC later, and 15% intend to rebuy their Bitcoin cheaper after selling it now.

Nearly 20% believe that Bitcoin will not go below the $30,000 zone.

Bitcoin drops 7%

Over the weekend, the leading digital currency dropped 7.13% from $35,734 on May 7 and is trading at $33,185 at the time of this writing.

In another tweet, Schiff stated that the fact of this BTC drop demonstrates the weakness of other risk assets too and, due to this, he says, stock market futures are now trading 1% lower than before.

Schiff claims that in the near future, his favorite asset, gold, is likely to surge since investors will soon realize that interest rate hikes made by the Federal Reserve will provoke a recession rather than reduce inflation.

BTCdrop_00weekend_9efs
Image via TradingView

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Schiff predicted massive crypto selloff

On Friday, Bitcoin critic Schiff tweeted that he expected a massive crypto selloff to begin after BTC broke below $37,000. He stated that the crypto market overall was plunging along with shares of blockchain-related companies and, in his view, the whole space would soon be exposed as a "malinvestment."

Schiff wrote that as people begin to lose their jobs, a lot of them would start selling their crypto assets in order to pay for rising household bills.

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.