Peter Schiff Assumes Another 50-Percent Breakdown For BTC

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A significant Bitcoin critic and gold advocate Peter Schiff pinched Bitcoin by calling it a sinking ship and advising the investor that it is not a safe-haven asset in the digital market.
  • He assumed that BTC is about to lose another 50% in the coming days.
  • Schiff compared Bitcoin’s recent performance with gold saying Bitcoin did 10 times worse than gold yesterday, which looks like a slight drop.

It is the super second day for Bitcoin fluctuating around $ 5,500 range providing investors a relief after their scary crypto nights.

A significant Bitcoin critic and gold advocate Peter Schiff pinched Bitcoin by calling it a sinking ship and advising the investor that it is not a safe-haven asset in the digital market.

About Peter Schiff’s latest tweet

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Over the past few days, Bitcoin has lost almost 50% of its market value. While discussing gold on his Twitter page, Schiff predicted a bearish situation for Bitcoin. He assumed that BTC is about to lose another 50% in the coming days.

Schiff compared Bitcoin’s recent performance with gold saying Bitcoin did 10 times worse than gold yesterday, which looks like a slight drop.

For the gold, Schiff states in his post that it is also the worst time for XAU since 2011. Last week Fed convinced the markets that it could shrink its balance sheet back to the pre-crisis level and also will normalize the interest rate. But looking at this week’s performance of XAU, Fed proved it could do neither.

Peter Schiff is a financial dealer, author, economist and the host of the Peter Schiff Show Podcast.

A good opportunity to buy more BTC

A crypto trader Luke Martin in his latest tweet assumes that currently, it is a good break to buy Bitcoin for those traders who remain bullish for long-term. However, he further highlighted that he is not offering any financial advice.

Looking at the Bitcoin price Martin pointed out that it may go lower statistically in the future.

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