Vocal regular Bitcoin critic, economist Schiff, believes BTC is bound to resume dropping soon, giving his reason for it
Fund manager and podcaster Peter Schiff, CEO of Euro Pacific Capital and founder of SchiffGold, has taken to Twitter to draw the attention of the crypto community to the fact that CNBC was again discussing bitcoin in a broad and positive tone.
Such mentions of the flagship digital currency on CNBC often get Schiff to tweet about an imminent BTC fall. Here’s why.
“Get Ready to Dump”
Goldbug Schiff believes the mentions on CNBC on Monday were paid for by crypto industry insiders and large advertisers who, in Schiff’s view, were “calling in some favor.”
Boldly assuming that these Bitcoin whales’ intention was to “sucker CNBC viewers into buying crypto,” as well as equities related to the crypto industry, he warned that another Bitcoin dump may be coming soon.
Here’s When Schiff’s Bearish Warning Came True
Earlier this year, several times Schiff’s bearish predictions about Bitcoin and Ethereum came true almost 100%, and he boasted about it to his audience on Twitter.
In early June, he tweeted that Bitcoin was likely to test $20,000, while Ethereum, as per his expectations, was to go down to $1,200. On June 16, Schiff wrote on Twitter that he got these predictions right at a rate of nearly 100% as BTC and ETH came really close to the values he predicted.
Furthermore, on Saturday, August 20, he retweeted that bitcoin started to fall after posting a tweet about two bearish patterns on the bitcoin charts – a double top and a reversal head and shoulders pattern. Together they created a reverse pattern known as the rising wedge.
He then noted that within five days after he published the tweet, the price of the king crypto declined by 14%.
Schiff tweets more about BTC than gold
Peter Schiff complained that instead of heeding his warnings, people on Twitter began accusing him of spreading FUD (fear, uncertainty, doubt) and ridiculing him for forecasting a recession.
This time, however, the head of Binance exchange, Changpeng Zhao (known simply as CZ), thanked Peter ironically for tweeting about Bitcoin more than about gold, of which Schiff is a long-time supporter.
At the time of writing, bitcoin is trading in a range, changing hands in the $21,500 area.
