Euro Pacific Capital President Peter Schiff updated his forecast for the bottom for the price of Bitcoin and gave adviceinvestors.
In mid-May, the famous critic of the firstcryptocurrency and gold supporter predicted the digital asset will test the support level at $8,000. He justified this by the «double top» patterns formed on the price chart. and «head and shoulders».
This time, Schiff turned his attention to the long-term support level in the $5,000 region.
«Even if you think that in the endBitcoin will trade higher, it's hard to imagine that it won't test long-term support at the bottom line first. I think he'll fail the test. In any case, it’s better to sell now and buy cheaper,” the investor commented on the chart.
Prior to his previous prediction, Schiff suggestedthe fall of the flagship below $10,000 if the price breaks through the $30,000 level sharply. More than 80% of the participants in the survey he launched agreed that the quotes would go under the designated mark.
On May 11, the price of Bitcoin failed the $30,000 level. After about a month of trading near the sign mark, on June 13, the cryptocurrency rate fell below $23,000.
Recall that in early June, Arthur Hayes, co-founder of the BitMEX crypto derivatives exchange, said that bitcoin quotes had reached the bottom of the current cycle.
After the collapse, CEO and founder of Galaxy Digital cryptobank Mike Novogratz expressed hope that the price of digital gold approached the minimum levels.
