The famous economist Peter Schiff called for “get off the ship before you hit the bottom”. The master analyst’s agenda includes intense selling pressure in the cryptocurrency market.
Peter Schiff advises crypto investors on bottoming
The well-known anti-Bitcoin Schiff is once again advising Bitcoin investors to “buy the bottom”. Bitcoin remains in one of its worst periods in recent times as the current cycle brings its fall. First-born crypto history underperforms. Therefore, BTC opponents are happier about current market conditions. One of them, Peter Schiff, once again asked investors to exit their BTC investments while they still could.
Markets rarely give investors much time to buy the bottom. #Bitcoin has been trading near $20K for the past 12 days. 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.
— Peter Schiff (@PeterSchiff) September 6, 2022
Speaking to Twitter, Schiff stated that Bitcoin is consolidating at $20,000, and that it will bottom out for most investors. However, he says this is a “false bottom” that will trap investors. Schiff hints that the bottom will not be priced in for BTC, as it could drop below current levels.
According to Schiff, investors who buy Bitcoin at $20,000 are getting on a “sinking ship.” Schiff also advised everyone to leave BTC before his eventual death. Most analysts, referring to on-chain metrics, say that the bottom is for Bitcoin. Others, however, believe that Bitcoin could see further declines before a breakout. Schiff tweeted:
Markets rarely give traders much time to buy from the bottom. Bitcoin (BTC) has been trading around $20,000 for the past 12 days. More likely, $20,000 will prove to be a false bottom, giving suckers plenty of time to climb onto a sinking ship. Better to leave the ship before the bottom falls.
This wasn’t Peter Schiff’s last warning
The 59-year-old stockbroker and financial commentator never missed an opportunity to push Bitcoin. Schiff, a famous advocate of gold, has several times advised crypto investors to sell their holdings. At the same time, he advised them to invest in gold instead.
Schiff took a special interest in MicroStrategy’s Michael Saylor and mocked the business executive for his BTC stance. Just two months ago, Schiff made harsh comments about MicroStrategy’s latest Bitcoin purchase. Schiff mocked Saylor for the decision, mocking his investment choices as MicroStrategy incurs $1.4 billion in losses on its BTC purchase.
Ironically, Peter Schiff’s son Spencer Schiff is a Bitcoin maximalist. The two constantly disagree on investment issues on Twitter. The current bear market has made Peter Schiff more outspoken.
BTC is currently down over 71% from its all-time high of $68,789 in November 2021. The leading crypto has dropped below the $20,000 support and is currently in a vulnerable position. cryptocoin.comSome experts, whose analysis we have shared, predict further declines if BTC does not bounce back above the critical support level.
