CEO of Euro Pacific Capital, Peter Schiff, believes that the price of bitcoin is heading towards a massive crash. He tweeted that The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and the neckline just below $8K, that projects a collapse to below $2K, he added.
Crypto community was quick to dismiss Peter Schiff’s claims of bitcoin dropping to $2,000. Several called out him for spreading FUD. However, several analysts have predicted a bearish run for leading cryptocurrency in the short term. But for Peter’s prediction to come true bitcoin would have to fall 90% from its all-time high.
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019
Later last month when the price of bitcoin fell from $9,500 to $8,000 in just a few hours, Peter Schiff tweeted that it will further retract to $ 4,000 in just a few weeks, so far bitcoin has managed to hover around $8,000 mark.
