Bitcoin Price to Find its Bottoms at $6000 Says Peter Schiff, This is When BTC May Hit These Levels
Peter Schiff, a popular Bitcoin opponent seems to be in a joyful mood nowadays as the predictions of a massive BTC price crash are now being accomplished. The economist and the global strategist previously had warned multiple times about the upcoming turmoil within the crypto space that may drag the Bitcoin price to $10,000. In a recent update, the founder of SchiffGold.com conveyed to his 755K followers that the BTC price is yet to hit its bottom.
The economist, a couple of hours before has suspected an unusual activity with the Grayscale Bitcoin Trust. The trust was trading at a new record at a 35% discount to NAV, where-in Bitcoin did not participate. And hence believes a larger seller of Grayscale-BTC(GBTC) may exist which is not a good sign for the asset.
The discount is 36% now. Looks like margin call related selling. This could get ugly.— Peter Schiff (@PeterSchiff) June 17, 2022
Peter Schiff had warned much before BTC prices sliced through the pivotal support levels at $20,200. And now when the asset has broken down these levels, more dreadful days may be fast approaching. As per him, the BTC price could drop to the lowermost support line which is just below $10,000 very soon.
However, BTC’s price slumped hard below 2017 highs and also marked new lows below $19,000. No doubt the price remains elevated slight at the moment, but the bottoms are still not in yet.
With Bitcoin's morning low near $18.7k, the hope that the 2017 peak of $20K would act as support is gone. Objectively, looking at the chart, there really is no viable support left. Most likely #Bitcoin will find some short-term support along the long-term trend line around $6K.— Peter Schiff (@PeterSchiff) June 18, 2022
The founder believes that when Bitcoin’s (BTC) price has marked its lows below $18,700, the 2017 peak which was acting as support is eliminated. And as there is no strong support between $10,000 to $18,000, the prices are likely to fall below $10K soon. Therefore, marking short-term support along the lower trend line at around $6000.Source