Peter Schiff: Bitcoin Price Now at ‘High Risk’ of $4,000 or Lower

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Bitcoin (BTC) price is heading to $4,000 after breaking support to trigger a sudden bear market, says one of its most prominent critics.

Gold bug pounces on Bitcoin price drop

In a tweet on Sept. 24, gold bug Peter Schiff returned to bashing Bitcoin as it fell from $9,700 to a low of $7,990 in hours. 

Subsequently correcting to circle $8,500, the recovery was not enough for Schiff, who claimed the shedding of $1,800 was just the start.

“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established,” he wrote.

Schiff continued:

“The risk is high for a rapid descent down to $4,000 or lower!”

Schiff appears to suggest $4K is support

Bitcoin proponents are used to Schiff’s criticism. In recent months, several spats have seen the gold investor attempt to prove Bitcoin’s inferiority, especially in relation to the precious metal. 

Responding, some noted the irony of Schiff implying $4,000 was now support for Bitcoin. Others added that the figure was still several times higher than the gold price. 

According to Schiff in a previous prediction, gold should ultimately reach $5,000, while Bitcoin, he alleges, will never break $50,000. 

A previous 7% price drop in August sparked claims Bitcoin had already failed its test as a safe haven asset.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...