Top Economist Says “Abandon Bitcoin Ship Before The Bottom Drops Out”

BTC Critic Peter Schiff Advises Bitcoin Investors To Abandon Ship.

Peter Schiff, one of the most vocal BTC critics, once again advises Bitcoin investors against “buying the bottom.”

Bitcoin (BTC) remains in one of its worst periods of late, as the current cycle brings its bearishness. The firstborn crypto has been underperforming, and critics appear more elated than most about current market conditions. One of them, Peter Schiff, has once again asked investors to move out of BTC investments while they still can.

Taking to Twitter, Schiff mentioned that the current $20k level bitcoin has been consolidating would come off as the bottom for most investors. Notwithstanding, he believes it’s a “false bottom” that would hoodwink investors into a trap. Schiff implies that the bottom is not likely priced in for BTC, as it could dip below current levels.

According to Schiff, investors procuring Bitcoin at $20k are getting aboard “a sinking ship.” Schiff further advised everyone to abandon it before its ultimate demise. Most analysts believe the bottom is in for Bitcoin, citing on-chain metrics. However, others believe the asset could still see further dips before a breakout.

“Markets rarely give investors much time to buy the bottom. Bitcoin   has been trading near $20K for the past 12 days. More likely, $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out,” the tweet says.

Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.

— Peter Schiff (@PeterSchiff) September 6, 2022

Peter Schiff is known within the crypto community as one of the most outspoken Bitcoin critics. The 59-year-old stockbroker and financial commentator do not pass on an opportunity to take a jab at Bitcoin. Being a renowned advocate of gold, on several occasions, Schiff has advised crypto investors to sell off their holdings and invest in gold instead.

Schiff had taken a particular interest in MicroStrategy’s Michael Saylor, ridiculing the business executive for his BTC stance. Barely two months back, TheCryptoBasic reported Schiff’s comments on MicroStrategy’s latest Bitcoin purchase. Schiff jibed at Saylor for the decision, deriding his investment choices as MicroStrategy was at a loss of $1.4B in its BTC purchase.

In an ironic turn of events, Peter Schiff’s son, Spencer Schiff, is a Bitcoin maximalist. The duo constantly disagree on investment matters on Twitter. The current bear market has made Peter Schiff more outspoken.

BTC is currently down over 71% from its all-time high of $68,789 in November 2021. The asset has broken below the support at $20k and is currently in a delicate position. Trading at $19,838 as of press time, analysts have predicted a further slide down if BTC does not bounce back above the critical support level.

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