May 5, 2024
Bitcoin

Peter Schiff: "I wouldn't be surprised if bitcoin drops to $5,000"

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Peter Schiff: “I wouldn’t be surprised if Bitcoin falls to $5,000”

A well-known cryptocurrency skeptic is again predicting a massive decline for Bitcoin and the entire cryptocurrency market. In his opinion, the BTC rate may fall several times at once.

Peter Schiff tweeted,that the current drop of 70% from peak values ​​is too insignificant for the first cryptocurrency. Bitcoin, in his opinion, should cost significantly less than $10,000.

“There is a significant risk of Bitcoin fallingmore than 70%. After falling from $69,000 to $15,000, Bitcoin still has not found the bottom and has not even come close to it. “Bitcoin is now too overvalued,” said Peter Schiff.

The industry is currently being affected too much by the bankruptcy of the FTX exchange and its affiliated companies. Since the collapse of FTX, several other cryptocurrency firms have announced liquidation and many analysts expect
continuation of the crisis in the industry.

In September, Peter Schiff said that Bitcoin is like a shipwreck and called on investors to abandon investments in the first cryptocurrency.

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