The founder of ShiffGold and the CEO of Euro Pacific Capital, Peter Shiff, has long been known within and beyond the crypto community as a permanent bitcoin (BTC) skeptic. Of course he will be heard again after the price of bitcoin and the rest of the crypto market completely down went. According to Schiff, we have most likely not seen the bottom yet and the bitcoin price will plummet further in the near future.
Bearish cartridge
According to Schiff, this is because the bitcoin price is clearly reversal pattern shows. Schiff argues that since the last drop below $40,000, one is now clearly confirmed head and shoulders pattern is visible. Such a pattern is a bad sign for many investors and could be an omen of further decline.
#Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.
— Peter Schiff (@PeterSchiff) January 21, 2022
Schiff therefore also expects that the bitcoin price will soon fall below $30,000. At that point, the pain is still not over if we are to believe Schiff. If bitcoin falls below $30,000, there will be another bearish pattern to be completed. This time, according to Schiff, it will be a double top.
Schiff then indicates that he takes into account that the bitcoin price can plummet to $10,000. According to him, this scenario is even very likely.
peter ship
Those already familiar with Peter Schiff and his statements won’t be surprised at these expectations of him. He has been known for years for his negative predictions and anti-crypto stances. It is therefore not unwise to take his statements with a healthy grain of salt.
Schiff himself has complete confidence in gold at all times. Of course, the comparison between gold and bitcoin is being made more and more and according to some, bitcoin could even be a better one store of value are gold.
Over the past five years, bitcoin has also outperformed any existing asset in the world. Not only does it leave the S&P500 index far behind, gold does not even come close to bitcoin in terms of return over the past five years.
😮 #Bitcoin is now -38.4% from its November 10th #AllTimeHigh of $68.7k. Yet $ BTC‘s returns over the past 5 years are still 47.5x higher than the #SP500 during this time, and 84.5x higher than the price of #Gold. When in doubt, zoom out. 🧐 https://t.co/SYSOOBVPml pic.twitter.com/ngb2uRLVzm
– Santiment (@santimentfeed) January 20, 2022
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