Gold Bug Peter Schiff Predicts Bitcoin’s Price Will Fall to $1000

Michael LaVere

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:

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:

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:

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