The best crypto could lose all its value before the end of the year, according to an investor
Crypto-skeptic Peter Schiff continues to insist that Bitcoin has no value and the digital token is about to plummet again. He said on Twitter that the best cryptocurrency is about to drop to $10,000 or even lower.
“Here is a long-term chart of #Bitcoin. Imagine how bad this chart will be once Bitcoin drops below $30,000,” Schiff tweeted on Sunday, adding, “A drop to $10,000 would appear to be a lock, but there is no reason to believe this level would hold as a permanent bottom. If this double top ends, the true bottom is zero! »
Schiff defines the “double top” as an indicator suggesting a strong bearish move. The term describes a technical pattern marking the top of a bullish rally and is considered complete when a price breaks below the “neck.” Currently, the Bitcoin cleavage is around $30,000.
Here is a long term chart of #Bitcoins. Imagine how bad this chart will be once Bitcoin drops below $30,000. A drop to $10,000 would appear to be a lock, but there is no reason to believe this level would hold as a permanent bottom. If this double top ends, the real bottom is zero! pic.twitter.com/dBfJTgb0xe
— Peter Schiff (@PeterSchiff) February 13, 2022
Schiff, the CEO of Euro Pacific Capital, has been a frequent critic of cryptocurrencies, saying Bitcoin is a huge speculative bubble that will implode, and people who buy it now will end up with the bag.
The economist, best known for predicting the financial crash of 2008, announced two years ago that he could not access his Bitcoin holdings after his digital wallet stopped accepting his password. Noting that it was “not such a great tragedy” he said: “I knew owning Bitcoin was a bad idea, I never realized it was that bad!”
Bitcoin lost over 25% of its value after hitting an all-time high of over $68,000 in November. Analysts say the top crypto has started to recover from a three-month downtrend, but may not be out of the woods yet. The digital currency was trading up 4% on Tuesday, above $44,000 per token.
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