Gold bug and crypto skeptic Peter Schiff has predicted that Bitcoin will reach $1000 following the massive sell-off in BTC.
In a series of tweets published on November 21, Schiff argued that technical analysis is pointing towards Bitcoin’s price falling as low as $1,000 to “complete the pattern.” Schiff said that the current price for BTC, around $7200, is nearing the neckline of the “head-and-shoulders” top that was formed during the price pump which occurred at the end of October:
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.— Peter Schiff (@PeterSchiff) November 21, 2019
Schiff also predicted that Bitcoin’s price would eventually fall “much lower than” his $1,000 BTC "price objective", but would first undergo a significant bounce from that level:
It's going much lower than $1,000. Its just that $1,000 is the price objective for the head-and-shoulders top. I would expect a significant bounce from that level, before the next leg down takes the price much lower.— Peter Schiff (@PeterSchiff) November 21, 2019
Members of the crypto community were quick to engage with Schiff on his prediction, including one user antagonizing the gold bug for the performance of his fund. Schiff responded that his funds have had to contend with a rising dollar but will ultimately perform well once fiat begins to a falter -- a similar argument to what has been made for Bitcoin:
The dollar has been rising for the life of those funds. They are designed to do well when the dollar is falling. Since I expect the dollar to ultimately collapse, the funds are well positioned to profit if I'm correct.— Peter Schiff (@PeterSchiff) November 21, 2019
Featured Image Credit: Photo via Pixabay.com