Peter Schiff, one of bitcoin’s most notorious bears, is sticking by his prediction that the benchmark cryptocurrency is on the verge of more bloodletting.
“Get Ready For The Dump”
You could say the founder, CEO, and chief global strategist of Euro Pacific Capital is a bitcoin perma-bear. Schiff shared his latest apocalyptic prediction on Twitter on August 22.
According to him, the business news channel CNBC devoted a lot of time to bitcoin on Monday, noticeably portraying the cryptocurrency in a good light. In Schiff’s opinion, the BTC mentions on CNBC were paid for by industry insiders and prominent advertisers who were “calling in some favors”.
These people are purportedly intent on duping CNBC viewers into purchasing bitcoin and crypto-exposed equities so they can offload their assets. As such, he tells investors to prepare for another steep bitcoin drawdown.
Peter Schiff regularly stirs controversy in the cryptoverse with his anti-bitcoin stance. As Binance CEO Changpeng Zhao astutely pointed out, the inveterate gold bug tweets more about bitcoin than about his favorite precious metal.
Can Bitcoin Drop Substantially From Its Current Level?
Peter Schiff has been predicting nightmare scenarios for bitcoin for as long as I can remember. However, some of these predictions have come to pass.
In June this year, he forecasted that bitcoin was headed to $20,000 lows while ethereum, the second-largest cryptocurrency, would slide to $1,200 per piece. Days later, Schiff goated about getting these predictions 100% right as the two top cryptocurrencies plunged to the levels he predicted.
BTCUSD Chart by TradingView
On August 14, he again observed on Twitter that bitcoin was forming two bearish patterns: a double top and an inverse head and shoulders top. Schiff claimed the rising wedge pattern forming on the neckline foreshadowed an epic fall to $10K. Less than a week later, the outspoken crypto sceptic boasted that BTC had lost roughly 14% of its value since he published his earlier tweet.
Bitcoin appears to have stabilized today after taking a hit of 10.83% over the past week. The OG crypto was trading at $21,458.41 as of publication time. Whether Schiff’s latest prediction plays out remains to be seen.