- Bitcoin (BTC) falls below the $9k support level
- Peter Schiff warns investors to get ready for Bitcoin dump
- Schiff claims Bitcoin would never hit $100,000
Bitcoin News Today – The price of Bitcoin (BTC) has been on a continuous downward trend since yesterday. Over the past twenty-four hours, the bears seem to be in control of the market. At the press time, Bitcoin (BTC) is down by about five percent on the day. The digital currency started falling from its peak yesterday at $9,250 and broke below the $9k support level. Bitcoin has been holding the $9k support level for about two weeks now.
Bitcoin Price to Plunge Further
The recent price action of Bitcoin (BTC) has led many analysts to predict that the price of the digital currency would plunge further. Peter Schiff – a prominent gold investor and investor – recently tweeted that:
“It looks like the Bitcoin (BTC) pump is finally over. Get ready for the dump.”
It looks like the #Bitcoin pump is finally over. Get ready for the dump!
— Peter Schiff (@PeterSchiff) November 8, 2019
The gold proponent did not stop there. He later said, “Bitcoin (BTC) is never going to test the $100k level,” apparently in a bid to crush the dreams and hopes of industry hopefuls. Schiff has been quoted as saying that Bitcoin is an improper investment and unreliable store of value, especially when compared to gold and other precious metals. Schiff is so bearish on Bitcoin (BTC) and he has been against the digital currency for quite some time now.
Bitcoin (BTC) Price Today – BTC / USD
The Rationales behind the Bearishness of Schiff towards Bitcoin (BTC)
Schiff claims that the charts of Bitcoin (BTC) are extremely bearish. Just last month, he said that the price chart of Bitcoin (BTC) looks horrible. He pointed out that the bear flag that accompanied the recent downtrend projects a move to $6k, which would mean a decrease of about 25 percent from the current level of the coin.
He also added that not only did Bitcoin (BTC) fall out of a flag, but it is also on the verge of completing the right shoulder of a head and shoulders top, which project a plunge below the $2k level. The libertarian investor also believes that the market of Bitcoin (BTC) is based on pure manipulation, suggesting that a crash is up ahead. Toward the end of October, he tweeted:
“Bitcoin HODLers will not sell as they believe that they will get rich when it moons. Whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the HODLers do not lose faith and cash out so that they can cash in!”