Peter Schiff predicts bitcoin’s collapse to $ 5000

not financial advice — ed.

Peter Schiff, a well-known critic of the flagship cryptocurrency and a supporter of gold, believes that the bitcoin rate is still too high and should reach values below $ 10,000. Schiff is confident that the dangerous threshold of $ 5,000 for BTC is a fair price.

According to Schiff, bitcoin is at risk of falling up to 70% from its current rate. According to the analyst, after falling from $ 69,000 to about $ 15,000, bitcoin has not reached its bottom, and further decline is a natural phenomenon that the cryptocurrency market should prepare for in the foreseeable future.

#Bitcoin has far more downside risk than 70%. After such a decline, Bitcoin will still be way overpriced, so $ 5,000 will not even be close to the bottom. https://t.co/VGj6ZPuwvi

— Peter Schiff (@PeterSchiff) December 5, 2022

Despite Schiff’s skeptical analysis, bitcoin BTC $75,724.79 Bitcoin 2.08% Market capitalization $1.5 trillion VOL. 24 hours $3.42 billion has indeed demonstrated unstable dynamics in recent months. The collapse of FTX and the insolvency of the largest cryptocurrency companies in the industry caused huge spikes in volatility that were difficult to predict even for experienced analysts. The economist urged his followers to get out of the cryptocurrency industry as soon as possible due to its instability, lack of regulation, and the immense scope for manipulation.

Schiff’s reasoning is based on the current state of the cryptocurrency industry, which is likely to experience further turmoil. The expert believes that the digital asset market is currently too risky for investment. Schiff is inclined to believe that «due to the lack of a foundation under bitcoin, the price of the cryptocurrency will eventually fall to zero, and there will be no resource to recover it.»