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Peter Schiff Comments on His Bad Bitcoin Advice and Speaks About $100,000 for BTC

Wed, 01/25/2023 - 09:34
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Gamza Khanzadaev
Peter Schiff seems to have softened his stance on $100,000 Bitcoin, as it is now only unlikely but not impossible
Peter Schiff Comments on His Bad Bitcoin Advice and Speaks About $100,000 for BTC
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Renowned economist and equally well-known cryptocurrency critic Peter Schiff has commented on his poor predictions for Bitcoin. He stated that what could be worse than giving advice to sell BTC ahead of its 30% rally would only be to participate in that very rally and then crash to levels even lower.

Bitcoin (BTC) Hater Peter Schiff Claims Crypto Investors Should Cash Out After 30% Rally

Schiff's comment refers to the events of recent weeks, when after his extremely bearish forecasts and calls to sell Bitcoin, it rose 37.2% in value. However, readers reminded the economist that he said the same thing in late 2018, when BTC was trading at less than $4,000 per coin.

However, when talking about Bitcoin at $100,000, Peter Schiff seems to have softened his stance. Whereas the economist previously argued that this was impossible, his opinion on the matter now contains the wording "unlikely." It is likely that Schiff has not fundamentally changed his position, but his view of the strength of the market and its participants has certainly wavered.

Arthur Hayes Says Bitcoin May Go to $40,000 at This Stage, Shares His Trade Setups

Bitcoin (BTC) price action

While the "old man shouts at Bitcoin," it in turn continues to test the resistance at the $23,100 level. Crypto enthusiasts are watching the price action in the area closely, divided into two camps, with some expecting a correction and others a breakout and entry into a new price range.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.