CEO of Euro Pacific Capital and chairman of SchiffGold, economist, fund manager and podcaster Peter Schiff, who is also a long-term critic of Bitcoin as opposed to gold, has responded to a comment about the near future of the BTC price.
As always, he does not believe that the world's flagship cryptocurrency will go high.
Here's "the only Bitcoin price that happens"
Gold bug Peter Schiff has taken to Twitter to respond to a tweet about the price level that Bitcoin is likely to achieve in the near future by early adopter of Bitcoin and Ethereum Davinci Jeremie.
Jeremie asked Schiff whether BTC will first collapse to $2,000 or soar to the $200,000 level.
The head of SchiffGold claimed that the only goal Bitcoin will ever be able to reach is $2,000 and that "$200,000 never happens" to BTC.
$2,000 is the only price that happens. #Bitcoin $200,000 never happens.— Peter Schiff (@PeterSchiff) June 12, 2022
"Bitcoin to $20,000, Ethereum to $1,000"
Over the weekend, Schiff shared his expectations regarding the extension of the current price decline of the cryptos with the two largest market capitalization levels, of Bitcoin and Ethereum.
The gold supporter believed that both cryptocurrencies will continue plunging; Bitcoin is likely to drop to $20,000, and the Ethereum price will decline to $1,000, according to his prediction.
Should this indeed happen, Schiff tweeted that the total market capitalization is likely to plunge under $800 billion from the all-time high of $3 trillion. He recommended traders and investors to not buy any crypto, including BTC and ETH, on the current dip.
By now, Bitcoin has managed to go down to the $24,186 zone on Bitstamp, losing 17.25% over the weekend.
Meanwhile, prominent commodities trader Peter Brandt believes that another bullrun for Bitcoin may start in 2023 and a new all-time high could be reached in early 2024. Thus, investors would have to wait for this remarkable event for roughly two years.