July 24, 2024

Bitcoin critic Schiff describes a scenario for BTC to drop to $ 2000

Financial expert and Bitcoin critic Peter Schiff believes that Bitcoin's technical picture looks«terrible». The bear flag indicates a possible fall towards $6,000, according to his analysis.

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He is confident that soon a"head and shoulders" model. At the same time, the head, in his opinion, is at $14,000, and the neck is slightly below $8,000, which supposedly indicates the likelihood of a further fall to $2,000.

Trader WhalePanda immediately invited Schiff to open a short position with a 100x leverage on BitMEX.

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&#171;You will have to use a VPN as access is limited to users from the US, Syria, North Korea, Iran and other similar countries&#187;, &#8212; WhalePanda did not hide his sarcasm.

Schiff and Morgan Creek Digital co-founder Anthony Pompliano also argued over whose podcast to listen to. At the same time, Schiff called the opponent warned.

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One Twitter user added that such a severe fall would be a good opportunity, which Schiff criticized:

&#171;Do you really think that falling on90% &#8212; from 20 thousand to 2 thousand &#8212; looks like a good opportunity? For whom? Smart investors will realize that Bitcoin could just as easily lose another 90% and fall to $200.

Schiff said earlier that Bitcoin failed the test for a defensive asset, and Tom Lee from Fundstrat agreed with him.