Bitcoin

Will Bitcoin (BTC) Price Drop Below $10k in This Bear Cycle? Here’s What Peter Schiff Predicts

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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Jun 16, 2022

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The crypto market had a brief jump as Ethereum (ETH) and other key cryptocurrencies surged to move signaling green. Bitcoin (BTC) increased significantly, still it is trading much behind its historic level of $69,000 set in November 2021.

There is visible relief in the cryptocurrency market, as the wider crypto market value has regained 4.96% in the previous 24 hours after dipping below $900 billion.

Peter Schiff, One of the renowned Bitcoin opponents and SchiffGold wealth management founder, took to Twitter to announce that he had made another near-perfect forecast of cryptocurrency values.

Just last week, he asserted how he had correctly predicted the Ethereum price. He believes he has virtually accurately guessed the levels at which Bitcoin and Ether would fall.

Bitcoin And Ethereum Price To Bottom at this level

Schiff recently tweeted that Bitcoin and Ethereum have reached the prices he projected for both before. That stands at—$20,000 for BTC and $1,000 for ETH.

Schiff recognised it wasn’t really a direct strike because Bitcoin was $80 below the forecasted $20,000 level and Ethereum was $20 below the $1,000 level from his predictions.

He stated his forecast on June 11th, just five days ago. Now,  Peter Schiff feels that perhaps the bottom for these two major cryptocurrencies is still to be reached. He stated that a true fall for both coins would occur as soon as the $20,000 and $1,000 marks are achieved.

Schiff Predicts Bitcoin Price To Bottom At $5,000

On June 15, there was a tweet from Schiff that had a graphic and said that Bitcoin was prone to drop as low as $5,000, testing long-term support.

That message was sent after the leading cryptocurrency fell below the $21,000 mark and was dangerously near to the $20,000 threshold.

Schiff predicted on Twitter at the start of 2022 that Bitcoin would fall below $10,000 once it fell far below $30,000. If that occurs, BTC will go below $20,000, and then it will have “a long way to fall.”

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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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