Renowned economist Peter Schiff warned Thursday that Bitcoin(CRYPTO: BTC) could crash to $20,000 or lower, urging market participants to exit before it’s too late.
Schiff’s Super Bearish Prediction
In an X post, Schiff suggested that Bitcoin, which, according to him, is on the verge of sliding below $50,000, could drop even further to $20,000, marking an 84% drawdown from its all-time high.
“I know Bitcoin has done that before, but never with so much hype, leverage, institutional ownership, and market cap at stake,” he added. “Sell Bitcoin now!”
If Bitcoin breaks $50K, which looks likely, it seems highly likely it will at least test $20K. That would be an 84% drop from its ATH. I know Bitcoin has done that before, but never with so much hype, leverage, institutional ownership, and market cap at stake. Sell Bitcoin now!
When pressed on what technical analysis he did to arrive at that level, Schiff sidestepped.
“Every time Bitcoin makes a new high, pumpers claim that type of volatility is a thing of the past. Then, after the crash, they say, well that’s just how Bitcoin works. Volatility is a feature, not a bug,” the long-time skeptic said.
But every time Bitcoin makes a new high, pumpers claim that type of volatility is a thing of the past. Then after the crash they say, well that's just how Bitcoin works. Volatility is a feature, not a bug.
Schiff’s bearish stance on Bitcoin isn’t new. Last month, he described gold and silver's surge as a "harbinger" of a brewing dollar crisis, one that would hammer Bitcoin and other risk-on assets.
Meanwhile, Tom Lee, Chair of BitMine Immersion Technologies Inc.(NYSE:BMNR), said earlier this week that the ongoing cryptocurrency “winter" is nearing its end and Bitcoin might find support at $60,000.
Fidelity’sJurrien Timmer also called Bitcoin's $60,000 low the cycle bottom, predicting a new bull market will begin after "a few months of backing and filling."
Notably, Bitcoin’s Puell Multiple indicator, used for spotting undervaluation or overvaluation, stood at 0.70 as of this writing, per CoinMarketCap. Previous BTC bottoms typically occurred when this indicator fell below 0.50.
Price Action: At the time of writing, BTC was exchanging hands at $67,300.23, up 0.80% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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