Popular Bitcoin Critic (BTC), Euro Pacific Capital CEO Peter Schiff, spoke on Twitter to comment on the ongoing decline in BTC, which has driven the flagship cryptocurrency to the $ 34,000 zone so far – a level last seen at the end of July 2021. Drop below $ 30,000 according to Schiff can lead to a “flash crash” as a consequence.
Bitcoin (BTC) to Drop Below $ 30,000 Soon – Peter Schiff
In a recent tweet, a gold market investor and bitcoin critic stated that the leading cryptocurrency has been declining in a fairly calm manner so far. But when BTC drops below $ 30,000, it is likely to see a sharp sell-off, Schiff believes.
– Flash crash can start after the support exceeds $ 30,000 – he stressed.
So far the decline in #Bitcoin has been very orderly. No one is panicking yet. It’s sliding a slope of hope. At some point there’ll be a flash crash. That’s how these declines typically end. This flash crash may not even start until after Bitcoin breaks $30K. Then lookout below!
— Peter Schiff (@PeterSchiff) January 21, 2022
Earlier, Schiff tweeted that after bitcoin broke the $ 30,000 mark, the rapid decline is likely to bring the price down to just $ 10,000.
Peter Schiff also takes a look at the losses suffered by MicroStrategy, Grayscale Bitcoin Trust, and Cathie Wood’s Ark Invest, which also offer their clients exposure to BTC.
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El Salvador buys another bitcoin dip
Meanwhile, according to a tweet of Chinese crypto journalist and blogger Colin Wu, the president of El Salvador, Nayib Bukele, bought 410 bitcoins worth $ 15,000,000 on the current decline at an average of $ 36,500 per coin. Earlier, the president announced the purchase of 21 bitcoins worth $ 1 million on December 22, when the leading digital currency was close to reaching $ 50,000.
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