Peter Schiff, an economist and staunch Bitcoin critic, has reiterated his bearish stance on the price of Bitcoin (BTC/USD), noting that the benchmark cryptocurrency could dip below $10,000.
Bitcoin trades at $24k- Peter Schiff says $10,000 is coming
According to Peter Schiff, putting Bitcoin’s “rally into perspective” reveals bears are still very much on top.
“There’s both a double top and a head and shoulders top,” he tweeted, pointing to the downward continuation pattern as indicative of possible retest of prices below $10,000.
Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There’s both a double top and a head and shoulders top. There’s a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Bitcoin fell to lows of $17,600 in June as the bear market intensified amid broader crypto market turmoil.
Schiff, who has previously said BTC will go to zero, tweeted his comments on Monday, pointing to Bitcoin’s recent rally to highs of $25,000 and retest of support. But while the gold proponent predicts doom for BTC, the outlook from MicroStrategy’s Michael Saylor maintains “Bitcoin is hope.”
According to Saylor, the devaluation of fiat currencies amid runaway inflation in countries such as Argentina leaves BTC as the best alternative for the people. The cryptocurrency thus offers more than an investment.
“This week the benchmark interest rate reached 69.5% in Argentina. It has increased 1750bp in two weeks. The official inflation rate has surged to 71%. It is expected to exceed 90% by year-end. Bitcoin is more than an investment. Bitcoin is hope.”
This week the benchmark interest rate reached 69.5% in #Argentina. It has increased 1750bp in two weeks. The official inflation rate has surged to 71%. It is expected to exceed 90% by year-end.#Bitcoin is more than an investment. Bitcoin is hope.
— Michael Saylor⚡️ (@saylor) August 14, 2022
Bitcoin (BTC/USD) is trading around $24,150 at the time of writing, down about 1.7% in the past 24 hours after retreating from intraday highs of $25,093 on Sunday.
That price level is the highest Bitcoin has reached since mid-June and came after a rally across risk assets, the gains driven by positive sentiment after US inflation data released last week came lower than expected.
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