American Investor and Financial Commentator Peter Schiff has predicted the end of Bitcoin, the top crypto. He believes Bitcoin can lose all its value before the end of 2022.
“Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin beaks below $30K,” Schiff tweeted on Sunday.
“A drop to $10K would seem like a lock, but there’s no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero!”, he added.
Peter Schiff who is the CEO of Euro Pacific Capital has always been a vocal critic of Bitcoin. Once again, he has predicted that the flagship digital asset would crash yet again. He backed his prediction sighting Bitcoin’s formation of a critical pattern “Double Top”.
“Double Top” indicator is a well known technical pattern that marks the top of a bullish rally. It is considered complete when a price falls below the “neckline”. Presently the “neckline of Bitcoin stands around $30,000.
But that’s not all, Schiff has also foretold that the value of Bitcoin will not only fall to $10,000(approx.) but also lose all its value before the end of the year.
Bitcoin had reached an all-time high at over $68k in November 2021, since then it has shed more than 25% value as the top crypto started the yearly. While analysts suggest that bitcoin has started to recover from its downtrend, they can not ensure that it is out of the woods yet.
A recent price reversal saw the rise of Bitcoin value from $35k to around $45k during the last few weeks.
Although Bitcoin enthusiasts will refuse to believe Schiff’s doomsday prediction, his accurate prediction of the 2008 financial crash makes us more susceptible to the prophecy. From a layman’s perspective, it is only smart to keep an eye open.
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