Prominent Bitcoin hater says his bearish BTC prediction has again come true
In a recent tweet, Peter Schiff, the outspoken bitcoin rival, Euro Pacific Capital and the founder of SchiffGold, recalled his post published on August 14, saying that this bearish prediction on bitcoin came true, though not in the way. He had expected it.
That tweet of his came several days before the current Bitcoin fall as the leading cryptocurrency slumped more than 7 percent below the $22,000 level and Ethereum followed it by dropping under $1,700.
They should “heed my warning and sell”
Schiff reminded the community of a tweet he posted last Sunday where he predicted bitcoin would test support below $10,000 in the near future. For details, Schiff cautioned that two bearish patterns on that chart – the double top and the head and shoulders top – were forming a rising wedge.
So slipping below the $10,000 level is a minimal decline, according to that tweet of economist and fund manager Schiff.
In today’s tweet, he explained that within five days of that post, bitcoin fell more than 14 percent, currently trading in the $21,300 zone, while many accused him of spreading FUD on Twitter.
Despite the fact that his warning was ignored, there is still time to sell Bitcoin, he tweeted.
Correcting It With Bearish Predictions For BTC And ETH In June
On June 16, Schiff tweeted that a Twitter post he had published five days earlier about a possible decline in Bitcoin and Ethereum soon turned out to be almost 100% true.
He predicted that Bitcoin would drop to $20,000 and Ethereum would hit $1,000 after a decline. After that prediction, BTC had only $80 to fall to the $20,000 level and ETH was within $20 of the predicted $1,000. Thus, the leading coins dropped 30 percent and 40 percent, correspondingly.
When Downs Schiff was predicted, he said he would still expect “a real crash”.
Bitcoin recovers after hitting $20,000
Overall, starting August 19, Bitcoin fell over 10 percent, hitting the $20,000 zone. By now, the flagship cryptocurrency has regained some of its losses, rising to the $21,186 level on the Bitstamp exchange.
