Will Bitcoin Drop to $4,000? Goldbug Peter Schiff Thinks So

John Moore
  • Noted Gold investor and crypto-sceptic Peter Schiff has said bitcoin price could retrace much of its gains from 2019 
  • Outlines broken technical support in a series of social media posts, doesn't think rally can hold price and eyes $4,000 as low

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. 

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...

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. 

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