Crypto cynic Peter Schiff predicts bitcoin may fall to $1000.

The gold advocate and the bitcoin cynic, Peter Schiff, has predicted that the price of the leading cryptocurrency might fall down to $1,000. Earlier, the price of bitcoin dropped below $7,000 mark after six months.

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Yesterday the price of bitcoin slumped down to a six month low as it traded at $6900 for a while before climbing the $7,000 mark. Financial commentator and the CEO of Euro Capital, Peter Schiff, tweeted that bitcoin price has created a head and shoulders pattern and is currently at the neckline. He added that breakdown from this pattern would take it to $1,000.

 

Bitcoin recovers after dropping below $7,000

At the time of writing bitcoin is changing hands at $7,150. On Friday, the price of bitcoin slumped to a six month low as it traded below the $7,000 mark for a while. Currently, bitcoin is in a very critical support area.

Peter Schiff is known in the crypto community for making negative predictions about bitcoin.

 

Bitcoin crashed after China announced a crackdown on crypto exchanges.

The crash in the price of the leading cryptocurrency coincided with the news of the People’s Bank of China announcing a crackdown on crypto exchanges. The Shanghai branch of the bank stated that the regulators would adopt measures such as interviews, inspection, and bans to tackle the rising risks in the field. Later last month, the price of bitcoin surged after the Chinese President endorsed the use of blockchain technology.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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