The famous economist who predicted the 2008 stock market crash now has negative predictions for Bitcoin. Peter Schiff says that the BTC price will bottom below $10,000.
“Bitcoin will drop below $10,000”
Even though the total market cap has risen to over $1 trillion again, Peter Schiff continues to maintain his negative expectations. In a new tweet, Euro Pacific Capital’s chief strategist advised to keep an eye on crypto positions as he expects more price drops in the coming weeks.
— Peter Schiff (@PeterSchiff) August 23, 2022
Schiff tweeted a Bitcoin (BTC) chart, stating that he expects even more declines. In one part of the article, he added a forecast that says “the pattern is largely bearish.” He also sent the message “there is still time to sell” to his followers.
Peter Schiff maintains bearish trend in Bitcoin despite 79% loss from ATH level
Bitcoin’s price has drastically lost value since it hit the ATH level of $69,047. Bitcoin started the new year around $47,000. Sadly, it’s down 53.9% year-to-date (YTD). At the time of writing, BTC is currently trading at $21,443.48, down 68.80% from ATH. Although it has already slumped heavily, Schiff says Bitcoin price will bottom below $10,000:
At minimum support, BTC will be tested below $10,000.
However, Schiff isn’t the only expert to expect lower lows in Bitcoin price. Katie Stockton, founder and managing partner of Fairlead Strategies, also expects Bitcoin to return to $18,300.
Here’s why BTC could drop to $18,300 soon
Stockton told Barron’s that Bitcoin has dropped below its 50-day moving average, which could herald another major downside move. The analyst now sees the risk of a long-term bearish reversal as the cryptocurrency loses momentum.
On August 20, Bitcoin dropped to $20,769, the lowest level since July 26. Stockton believes that the price of the largest cryptocurrency will stabilize in the near term. However, after a short-term relief rally, it will likely drop to the $18,000 level, according to Stockton. The cryptocurrency is now experiencing a declining momentum. Risk assets, including Bitcoin, are expected to experience more volatility ahead of Federal Reserve Chairman Jerome Powell’s speech at a Friday symposium in Jackson Hole, Wyoming.
Meanwhile, the central bank’s statements will likely give market participants a much-needed clue as to whether the Fed plans to continue its aggressive policy of rate hikes through the end of 2022. cryptocoin.comWe have quoted the minutes of the FED meeting held on 26-27 July in this article.
