- Peter Schiff warns of a potential Bitcoin drop to $15K before any chance of reaching extreme highs like $1 million.
- Schiff continues to criticize Bitcoin’s long-term value, contrasting sharply with bullish forecasts and urging caution amid high volatility.
Following a recent update, we discussed Peter Schiff’s recommendation that all companies should sell their assets, buy Bitcoin, and push it to $1,000,000. However, according to his current view, the cryptocurrency may face a significant downturn. In a recent post on X, Schiff highlighted a “triple top” chart pattern, which he believes could signal a sharp decline.
Recently, via his X account, he suggested that Bitcoin could initially drop to around $42,000, but he doesn’t expect it to hold there for long. Instead, he predicts it may retest long-term support levels near $15,000 to $20,000.
This looks like a triple top to me. The chart is even worse if you price #Bitcoin in #gold. At a minimum, Bitcoin is headed to the upward trend line at about $42K, but I doubt it will hold. A retest of longer-term support at $15K–$20K is more likely. Look out below. @saylor pic.twitter.com/d83NRh4Rx5
— Peter Schiff (@PeterSchiff) September 16, 2024
Schiff’s Skepticism on Bitcoin’s Future
Schiff, who has frequently criticized Bitcoin as an asset, contrasted his views with Bitcoin advocate Michael Saylor, warning him to “look out below.” While Saylor sees Bitcoin as a valuable long-term store of value, Schiff remains highly skeptical, even joking about the possibility of Bitcoin reaching $1 million.
He remarked that such a scenario would only happen if everyday items, like a drink in Puerto Rico, also cost $1 million. Schiff’s comments continue to challenge optimistic forecasts, reinforcing his belief that extreme price predictions for Bitcoin are based on unrealistic conditions.
At the time of writing, Bitcoin (BTC) is trading at $59,087.56, having surged by 0.58% in the past day and 3.35% in the past week.
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