As the price of bitcoin and other digital assets took a precipitous downturn, noted investor and crypto-skeptic Peter Schiff took to social media to fire several salvos at embattled investors.
On a day when the price of BTC dipped as low as $8,100 on CryptoCompare's aggregate price charts, Schiff was not in the mood to offer up succor. Instead he insisted that this was just the beginning of Bitcoin's latest downturn, pointed to a post he had made on Facebook on September 23rd, warning investors that "Bitcoin has been forming a descending triangle," and that this was "typically a bearish pattern, and if Bitcoin breaks the support line the price could crash, confirming that a major top has been formed."
He later added a prediction that the price would sink as low as $4,000 in quick time, now that the support he had outlined had been breached.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!— Peter Schiff (@PeterSchiff) September 24, 2019
On the day, the price of bitcoin rallied around the $8,500 mark, but subsequently lost further value today to sit around $8,400 at the time of writing. Schiff, however, believe that this rally can only hold temporarily, telling his Twitter followers that...
My guess is that it will bounce from that level as diehards by the dip. But long-term that level will not hold, and Bitcoin is headed much lower.— Peter Schiff (@PeterSchiff) September 24, 2019
Schiff is a long-time supporter of investment in precious metals, and a long-time skeptic when it comes to cryptocurrency - a fact that many responses to his predictions were not shy in pointing out by digging up his thoughts on the matter from over five years ago.
Hoping for 2013 prices again so you can buy this time? pic.twitter.com/aQiPA9g4k7— jgettbtc (@jgettbtc) September 24, 2019
The problem with your victory lap is that Bitcoin has risen over 800% since you started bashing it. https://t.co/HVqizwEMgK— Phiłip Kennedy ₿&Ł🔑 (@KennedyFinance) September 25, 2019
Bitcoin, of course, entered 2019 at a value below that which Schiff is identifying as a support, having hit a low just north of $3,000 in December of last year. That means, even with the declines of recent days it still stands some 150+% up in value from that point at present, needing to lose over 50% of its current value to get back to below the level Schiff has marked out.
Featured image via: Pixabay