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Economist Peter Schiff Says His Prediction for BTC and ETH Prices Nearly 100% Confirmed

16 Jun, 20222 min readAnalytics
Economist Peter Schiff Says His Prediction for BTC and ETH Prices Nearly 100% Confirmed

Prominent Bitcoin critic and founder of SchiffGold wealth management fund, Peter Schiff, has taken to Twitter to say that he made an almost spot on prediction of crypto prices again.

Earlier this week, he stated that he had gotten it right with the Ethereum price. Now, he believes that he has almost gotten it right predicting the levels Bitcoin and Ether hit on their way down.

It took a few days longer than I thought, but #Bitcoin came with $80 of $20K and #Ethereum within $20 of $1K. That's a 30% decline in Bitcoin and a 40% decline in Ethereum since this tweet 4 days ago! But the bottom is not in. When these lows are taken out, I expect a real crash. — Peter Schiff (@PeterSchiff) June 15, 2022

"30% decline in Bitcoin and 40% in Ethereum"

In his recent tweet, Schiff stated that Bitcoin and Ethereum had come very close to the levels that he predicted for them earlier—$20,000 for BTC and $1,000 for ETH.

He admitted that it was not exactly a direct hit, as Bitcoin was $80 away from the predicted $20,000 level, and Ethereum was $20 away from the $1,000 expected by Schiff.

He made his prediction five days ago, on June 11. Now, Peter Schiff believes that the bottom for the first two largest cryptocurrencies is not in yet. As soon as the $20,000 and $1,000 levels are reached and left behind, he tweeted, a real crash for both coins will happen.

Schiff expects Bitcoin to test $5,000

On June 15, Schiff posted a tweet with a chart, stating that Bitcoin was likely to go as low as to test the long-term support at the $5,000 mark.

That tweet was published after the flagship digital currency dived below the $21,000 level and was coming really close to the aforementioned $20,000 level.

Curiously, despite being a Bitcoin hater and a goldbug, he suggested that investors had better sell their Bitcoin holdings in order to buy them back cheaper later on.

At the start of the year, Schiff wrote on Twitter that he expected Bitcoin to go down to $10,000 once it breaks significantly below $30,000. If the latter were to occur, then BTC would drop under $20,000, and after, that BTC had "a long way to go down."

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