Euro Pacific Capital CEO Peter Schiff was quick to comment on the latest Bitcoin price drop. According to Schiff, the pump is finally over, and now it's time for the dump that the bears have patiently been for.
Bitcoin dropping below a critical level
At the time of writing, the top coin by market capitalization is changing hands at $8,719 after experiencing a sharp drop at about 13:15 UTC.
The bears finally have the ball in their court after breaking below the $8,900 level after trying to achieve this for weeks. Even seen Bitcoin surged by more than 30 percent on Oct. 25, it has been stuck in the same trading range with several fakeouts.
Market analyst Jim Wyckoff recently predicted that Bitcoin could experience another major price move due to the collapse in volatility. Now, it seems like the bulls are positioned to experience more pain (at least in the short-term).
Schiff's unrelenting bearishness
Of course, it should be mentioned that doing Bitcoin price predictions is certainly not Schiff's biggest talent. The chronic crypto critic was heading to $2,000 or even $200 just days before the orange coin registered its third biggest daily gain.
Later, the famous gold bug took to Twitter to save his face by saying that Bitcoin was being manipulated by whales.
It remains to be seen whether Schiff will be spot-on with his latest bearish forecast, but it's clear that Bitcoin lives rent-free in his head.
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