Peter Schiff Keeps Making Bitcoin FUD On Twitter

In a recent tweet, Peter Schiff, the founder of Euro Pacific Capital and SchiffGold and a vociferous Bitcoin opponent, recalled his post from August 14, claiming that his pessimistic prognosis on Bitcoin came true, though not in the way he predicted.

The old post came many days before the current Bitcoin plunge, in which the leading cryptocurrency fell more than 7% below $22,000, and Ethereum followed suit by falling below $1,700.

Schiff reminded the community of his tweet from last Sunday, in which he anticipated Bitcoin would likely challenge support below $10,000 in the near future. In terms of specifics, Schiff warned that two bearish patterns – a Double Top and a Head & Shoulders Top – were producing a Rising Wedge on that chart.

According to economist and fund manager Schiff’s tweet, falling below $10,000 is a little loss.

In a recent tweet, he noted that Bitcoin declined by more than 14 percent around the five days following that message, and is now trading in the $21,300 range, while many accused him of promoting FUD on Twitter.

Despite the fact that his warning was ignored, he stated that there is still time to sell Bitcoin:

On June 16, Schiff posted that his five-day-ago Twitter statement on Bitcoin and Ethereum potentially falling soon had about 100% come true.

Following that prediction, BTC needed only $80 to fall to the $20,000 level, while ETH was only $20 away from the anticipated $1,000 level. As a result, the leading coins fell by 30% and 40%, respectively. When the expected lows are removed, Schiff remarked that he still expects “a real crash”.

At the time of writing, BTC is trading at $21,089.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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