Bitcoin

Peter Schiff Calls For Major Bitcoin Dump! Could The Prediction Be True?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Aug 23, 2022

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Following last week’s bearish drag, today, the crypto space has slightly surged with the market cap climbing 0.97% over the last 24hrs. This is majorly due to Bitcoin, Ethereum, XRP, Cardano, and other altcoins signaling green.

At the moment, Bitcoin is changing hands at $21,382 after a surge of 0.40% in the last 24hrs.

Recently, cnbc had a positive discussion regarding bitcoin org future and this caught SchiffGold’s founder, Peter Schiff’s attention. It’s now a pattern that whenever there is a Bitcoin-related discussion by CNBC, Peter Schiff is likely to tweet about a Bitcoin bottom.

According to the SchiffGold founder and crypto critic, large advertisers and industry supporters have paid for Bitcoin mentions on CNBC. In his perspective, they are calling in some favors.

Schiff claimed that these mentions have been proposed by Bitcoin whales just to attract CNBC viewers toward crypto purchases and industry-related equities.

Bitcoin Price To Plunge?

It’s also a popular pattern that whenever Peter Schiff has mentioned an upcoming decline for Bitcoin and Ethereum, the predictions turn out to be 100% true.

In June, the Bitcoin critic tweeted saying that the flagship currency would test $20,000 and Ethereum would plunge to around $1,200. On June 16, Peter posted another tweet claiming that his predictions turned out to be true as both the currencies were trading around the said target.

Yet again, on August 20, he took to Twitter to point out two bearish Bitcoin charts, a Double Top and an inverse pattern of head and shoulders. When both form a reverse pattern together, it is known as a Rising Wedge. He also mentioned that just five days after his tweet, Bitcoin dropped by around 14%.

However, instead of heeding his prediction, traders criticized him for spreading FUD (Future Uncertainty Doubt) with his bearish prediction.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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