Peter Schiff Warns: Bitcoin’s Price May Fall By 75% To $2,000

The Crypto analyst Peter Schiff warns that Bitcoin can drop by more than 70 percent and reach the $2,000 price range since it hasn’t been doing really well over the weeks. In today’s Bitcoin price news we take a closer look into his analysis.

It is no secret that Bitcoin’s price is 100% on the year but is down by 45 percent from the year-to-date high of $14,000. The dramatic crash down from $14,000 to $7,000 has led many of the optimists to claim that Bitcoin will soon restart the surge to fresh all-time highs. However, the prominent crypto skeptic Peter Schiff warns that Bitcoin’s charts are ‘’looking horrible.’’

Schiff is one of the most prominent members of the crypto community. He is a known libertarian economist and investor and some see him as an archetypal crypto holder and lover of the decentralized digital money. However, many believe that he is not at all how he seems. Schiff owns less than one coin which was obtained through donations and gifts and has long trashed Bitcoin calling it a coin with little inherent value and purpose over gold. The Libertarian continued to bash the number one cryptocurrency back on Friday when he took to Twitter remarking that Bitcoin’s price charts look horrible and that the bear flag that followed the recent breakdown projects a move to $6,000. This is far from the end of it according to Schiff. He explained that not only did Bitcoin fall out of a flag but ‘’we are also close to completing the right shoulder of a head and shoulders top that projects a collapse below $2,000.’’

Of course, Bitcoin’s bulls didn’t take these arguments kindly. Anthony Pompliano who is a former Facebook team member has since become a strong crypto investor and tacit industry spokesperson who said regarding Bitcoin’s scarcity it is coming from a relative lack of penetration among other key elements as well.  Schiff has since stuck to his opinion and responded to Pompliano that Bitcoin has to come down:

 “What goes up, must come down. You’re looking in the rearview mirror at what already happened… Bitcoin went up because everyone already bought. It’s a crowded trade. As the crowd sells the price will collapse.”