The leading cryptocurrency Bitcoin (BTC) has been facing a steady decline since the beginning of the year. Bitcoin has dropped over 22 percent in the last 30 days. BTC price drops have also hit the broader cryptocurrency markets, with altcoins continuing to decline. While these huge depreciations continue, Euro Pacific Capital CEO Peter Schiff claimed that BTC will continue to decline until 10 thousand dollars.
Schiff, BTC falling below 30 thousand dollars
Peter Schiff is known as a big Bitcoin opponent. The famous CEO said in a previous statement that he predicted a big drop for the BTC price. Schiff reiterated his claim that if the BTC price breaks below $ 30 thousand, it can fall to the level of $ 10 thousand. Peter Schiff also asked his followers in a survey he started on the social media platform Twitter, what they would do if BTC fell below the $ 10 thousand levels. Claiming that Bitcoin investors have to make a very important decision now, the CEO did not put the “buy the drop” option among the options.
If #Bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K. That means anyone who owns Bitcoin now has a very important decision to make. What will you do? You had better decide now so you don't panic and make a rash spur-of-the-moment decision.
— Peter Schiff (@PeterSchiff) May 8, 2022
However, respondents did not share the same views as Peter Schiff. More than 36 thousand votes were cast in the poll. 54.5 percent of those voting reported that BTC would remain HODL, meaning they would not sell their BTC. On the other hand, about 15.5 percent of voters said they would sell their Bitcoin and perhaps buy it again later. The famous investor expressed his dissatisfaction with the results of the survey by going to the comments section. Schiff stated that he did not deliberately put the option of “buying Bitcoin from the bottom” among the options. The famous investor thinks that those who chose the Hodl option made a bad decision.
Bitcoin selling pressure continues
Schiff suggested that the recent drop in Bitcoin’s price is an important indicator of the weakness of cryptocurrencies. According to Coinglass, over $422 million has been liquidated from the cryptocurrency market in the past 24 hours. It is important to note that more than $145 million of these liquidations were moved from Bitcoin alone.
The cryptocurrency market is trading under a tremendous amount of pressure as it is highly correlated with current economic conditions. The global crypto market has fallen by 4.8 percent in the past 24 hours. Its total market value is 1.5 trillion dollars. According to crypto analyst Ali Martinez, Bitcoin’s latest selling pressure came from 47 whale addresses holding at least 1,000 BTC or more. These addresses have consistently sold or redistributed their BTC holdings since May 2, 2022.
