Schiff is at it again, as he expects the price of BTC to crash below $10,000.
The cryptocurrency market has shredded a huge percentage of its value since the beginning of the year due to political and economic events.
According to data from Coingecko, the global crypto market, which peaked above $3 trillion in November 2021, crashed below $1 trillion over the weekend.
Schiff: BTC to Plunge Below $10K
Although the total crypto valuation has surged above $1 trillion again, Peter Schiff, a renowned economist who successfully predicted the 2008 stock market crash, has more negative news for the emerging market.
In a recent tweet made by the lead strategist at Euro Pacific Capital, he advised his followers to liquidate their crypto positions as he expects more price declines in the coming weeks.
Schiff tweeted a Bitcoin (BTC) chart, suggesting that the asset class will crash further. He added the caption that reads, “The pattern remains very bearish,” adding that “there is still time to sell.”
The value of Bitcoin has plummeted massively since it peaked at an all-time high of $69,047. Bitcoin started the year at around $47,000. Unfortunately, the asset class is down 53.9% on Year-to-Date (YTD).
At press time, BTC is currently changing hands at $23,361, down 69.1% from its all-time high value.
Despite the already massive plunge, Schiff still predicts more negative prices for the world’s largest cryptocurrency as Bitcoin could drop below $10,000.
“At minimum support [BTC] will be tested below $10K.”
Schiff Continuously Trolls BTC
Schiff, a gold proponent, has always dished out negative price predictions for Bitcoin and other altcoins. The economist has always maintained that BTC’s rally in the previous years came from massive hype rather than actual value.
Schiff does not believe Bitcoin will ever rally to its previous highs, as he expects the asset class to plunge as low as $10,000 or even below.
While Schiff is known for accurately predicting the stock market crash in 2008, not all speculation he has made about Bitcoin has successfully come to pass.
As expected, cryptocurrency investors have always taken to social media platforms to slam him whenever his negative BTC predictions fail.
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Source: https://thecryptobasic.com/2022/08/23/famous-economist-who-predicted-2008-stock-market-crash-now-has-negative-predictions-for-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=famous-economist-who-predicted-2008-stock-market-crash-now-has-negative-predictions-for-bitcoin