Bitcoin Critic Peter Schiff does not Relent, Despite being Proven Wrong Time and Again
Vocal Bitcoin critic, Peter Schiff has been criticized by a lot of people as a result of his claims that the recent Bitcoin price rally is simply the action of whales. Schiff thinks that the whales are deliberately pumping the market to suck in the retail monies after which the price will come tumbling as they cash out to make huge gains.
Schiff made this claim on his Twitter handle, explaining that the recent sharp rally likely had nothing to do with China or any fundamental factor. He attributes the rally to outright manipulation, as already mentioned above.
Majority of his followers on Twitter immediately responded in disagreement. Some of them even went as far as describing him as being biased against Bitcoin.
Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.
— Peter Schiff (@PeterSchiff) October 28, 2019
They claim that it is this negative bias of his that will not permit him to see the potentials of the cryptocurrency. Schiff is an experienced trader in Gold and a seasoned market analyst.
He is the CEO of Euro Pacific Capital and Chairman of SchiffGold. Schiff is also the host of a radio show, the Peter Schiff Show. It is not the first time that Schiff is getting involved in controversial predictions about Bitcoin.
If it is about forecasts and predictions, he is one of the most active names in the industry. What is different about Schiff appears to be like he does not believe in Bitcoin; therefore, his predictions are usually critical of the cryptocurrency.
This year, Schiff has engaged in Bitcoin price prediction a couple of times, with the majority of his predictions being on the negative side. Some of the recent forecasts by Schiff are presented below:
Bitcoin Will Never Reach $50K
On 21 August 2019, Schiff was involved in a social media debate with Joe Kernen of CNBC. In one of his tweets, he stated that “Bitcoin will never hit 50K”.
That is another of his controversial statements that the Bitcoin community didn’t take lightly. The replies that followed comprised of tweets that criticized him for his “unreasonable” bias towards Bitcoin.
From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.
— Peter Schiff (@PeterSchiff) August 21, 2019
Bitcoin Will Drop To $4,000
Barely one month after the August debate, Schiff showed up again with another controversial prediction. This time around, his estimate was based on his technical analysis of Bitcoin’s price, which seemed to be in a bearish trend at the time.
At this point, Schiff explained a significant bearish breakout which he was confident it would lead to further slump in price towards $4,000 or even lower. As expected, it was a reason for another thread of debate with most of the replies coming as a troll on Schiff.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
— Peter Schiff (@PeterSchiff) September 24, 2019
Bitcoin will Collapse below $2K
Schiff’s predictions for Bitcoin appears to be dropping lower as time goes by. On 19 October 2019, he tweeted again about the falling of Bitcoin price. This time, Schiff noted that Bitcoin price is heading for as low as $2,000.
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
Barely one week after this latest prediction, Bitcoin experienced the surge that pushed above the $10,000 price once again, before retracing to trade around $9,400 at the time of writing. It is this particular price rally that Schiff claims to be a manipulation from Bitcoin whales.
The Many Lives of Bitcoin
Bitcoin has overcome several negative predictions in the past. The acts of Schiff is just one among the many that exists across the internet and the financial world.
Although some of Bitcoin’s original critics are becoming repentant, it is what happens in the times ahead that will set the lines straight in the industry. Schiff is popularly known as a fan of Gold and an active investor in such as well.
Perhaps, it is the comparison of Bitcoin to Gold that has turned him against Bitcoin, or there is something else that he knows that a lot of Bitcoin users don’t. As has been mentioned above, it is time that will tell, as the general crypto industry continues to develop.