Crypto Critic Peter Schiff: Bitcoin Will Drop To $1,000 To Complete A Pattern

There are many Bitcoin analysts which are confused by the recent move of the dominant cryptocurrency, going lower than $7,500 and proving that a massive bearish trend is here. Aside from the optimistic analysts who still place their bets on more positive Bitcoin news in the future, there are negative critics too. One of them is the crypto critic Peter Schiff who ridiculed the cryptocurrency and claimed that BTC/USD is set to dive to as low as $1,000.

While arguing the current price action and correlating it to a “head and shoulders” formation, the gold bug took to Twitter in a debate and said that a dramatic downturn would characterize the markets in the future.

As the crypto critic Peter Schiff wrote:

“#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.”

In a further post, he also doubled down on his position.  “The picture really doesn’t look any better if your long Bitcoin!” Schiff wrote.

Another attempt saw the crypto critic Peter Schiff taking a photograph of a Bitcoin price chart on his computer screen and ridiculing the coin and its performance in the latest cryptocurrency news.

However, those who know Schiff said that he is waiting for times like these just to strengthen his position. Well known for his dubious price commentaries, the gold bug is convinced that Bitcoin (BTC) is doomed to fail. However, not all of his predictions were true – in fact, all of them have proven false so far which made him lose a lot of supporters.

One of the people who responded to the crypto critic Peter Schiff was the trader known as CryptoBull. He produced a BTC/USD chart and said that Schiff needs to guess market trajectory correctly.

Other long-term warnings from Schiff include the prediction that Bitcoin will never reach $50,000 while gold will top $5,000. Additionally, in late October, the gold bug accused investors of manipulation as BTC gained 30% over gold.