Peter Schiff Says $20k is False Bottom for Bitcoin

Bitcoin and Gold

Peter Schiff says that $20k would prove to be a false bottom for Bitcoin. Schiff, who is the founder of Euro Pacific Bank Said that the false bottom would lure many investors to invest in Bitcoin before being sucked down in losses.

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Aboard A Sinking Ship

According to the Twitter post that he made on September 6,

“More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.”

In their reaction to the post, Made of plastic @bharat_raj__ said that gold hasn’t fared much better than Bitcoin. In an apparent reaction to Schiff’s pro-gold stance, they said,

“Gold is going down to $980 per ounce and Silver down to $4 per ounce. Now tell which is the sinking ship? Something finding support at $20000 or something going down to half its value?”

Statistically False

Another dissenting opinion came from Can Yumlu @cyumlu

“Even if I believe that 20K is not the bottom,  this statement is statistically false. How many weeks did BTC stay at 3.5-4K before it climbs all the way to 64K? 10 weeks = 70 days”

Despite the stance of Peter Schiff on BTC, judging from BTC historical data, Seth_fin made it clear that BTC has not been at its present range long enough to conclude that it has bottomed or not,

“2015 bottom lasted 245 days. The 2018 bottom lasted 126 days. 2022 so far we have been at this range for 84 days.”

Between Bitcoin And Gold

Peter Schiff routinely trolls BTC holders with his view that gold is a better investment than BTC. Nevertheless, most of his bearish calls against Bitcoin routinely fall flat.

For instance, in November 2018, Schiff said that buying Bitcoin below $3,800 is not a good deal. He projected that the price could fall 80% lower to $750, but this didn’t happen. Bitcoin has since beaten his prediction.

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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