Regular Bitcoin opponent Schiff continues saying that BTC is likely to drop below $10,000; here are his arguments for it this time
Fund manager and podcaster Peter Schiff, the leading hater of bitcoin and crypto, admits yet again that there are now signs to suggest that bitcoin may be just starting to fall hard. He has taken to Twitter to share his thoughts on this.
“Minimum support will be tested below $10,000”
Goldbug Schiff has shared a chart to show that several bearish patters have formed on it, and he expects Bitcoin to plunge. The chart is showing the Double Top and Head & Shoulders Top for 2021 and now, Schiff says, and a Rising Wedge is forming. Falling Wedge and Rising Wedge are reverse patterns usually followed by an increase and decline in the price of an asset, correspondingly.
This time around, Schiff warned that a rising wedge could take the major cryptocurrency lower to test support below the $10,000 level.
Schiff doubts new ATH will be reached
On Friday, Peter Schiff claimed in an interview with Kitco that the current Bitcoin price surge is a “sucker’s rally” and that the leading cryptocurrency will hardly reach a new all-time high after it managed to top the $69,000 level almost a year ago — in November 2021.
Moreover, he does not see much difference between BTC and other digital tokens as he believes that the volume of different cryptocurrencies is only going to increase.
“Ominous combination” for Bitcoin
This is not the first time this year that Schiff has promised a Bitcoin fall to $10,000. If at the start of the year his forecast did not come true, then in May, he spotted an “ominous combination” of bearish patterns — again, the Double Top and Head & Shoulders pattern. Back then, Bitcoin traded in the $29,000 zone, staying in that range for a month until early June and then plunging to test $19,000.
Currently, bitcoin is changing hands in the $24,000 zone per CoinMarketCap.
Contrary to Peter Schiff, on Friday, in his interview with CNBC, head of SkyBridge Capital fund Anthony Scaramucci, a prominent Bitcoin supporter, suggested that BTC is likely to spike to the $300,000 level.
