- Crypto market down once again.
- BTC down below $27.5K.
- Extreme risk on investing at current market dips.
Such a horrific month was with April, 2022, witnessing extreme market crash over a prolonged period. However, with the month of May, 2022 into action, hopes were high for things to get back to normal. To the worst, the entire crypto industry expected all altcoins and the Bitcoin (BTC) to reach a little beyond their average.
Yet, things have further strived down to the worst back. The past few days the market has crashed down adversely. BTC just two days back was at the touchdown average of $30K. But now, currently BTC is trading for below the price of $27.5K, with the graphs down by 6.50% over the past 24 hours.
With such market dips, many crypto enthusiasts and investors are highly into investing and buying at the dips. On the other hand, crypto enthusiast and American stock broker, Peter Schiff advises not to do so.
Peter Schiff’s Advices on Market Dips
Comments, advice and suggestions from prominent and active investment figures like Peter Schiff, have to always take a closer and keen study based look. In such terms, on the eve of the weekend of the second week of June, exactly the day the market stumbled down once again, Peter Schiff took to twitter with his views.
This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K. If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don’t buy this dip. You’ll lose a lot more money.
— Peter Schiff (@PeterSchiff) June 11, 2022
Accordingly, Peter insists that this ongoing market crash wouldn’t be a normal one just for a period of a day or two, but instead the entire market is expected to crash down beyond its average market cap.
In such terms, Peter points out that BTC will go down beyond $20K and the Ethereum (ETH) down below $1K or even reach $750! Currently, ETH is trading for the price of $1,452, with the graphs down by 12.83% for the past 24 hours.
Such outrageous dips are predicted evidently. Besides, he also states that the entire market cap for the crypto industry will fall below $800 Billion from its peaks of $3 Trillion!
In spite of all this, investing during such dips which are clearly visualized for longer bearish periods are not at all advisable. And so, Peter insists on not investing upon the current dips. We may never know how the market takes off from this point!
Source: https://thenewscrypto.com/peter-schiff-do-not-invest-at-current-dip/