As Bitcoin hits new lows, Peter Schiff blows up the top crypto and backers – News Bitcoin News News
American economist, financial commentator and gold bugger Peter Schiff had a lot to say about the fall in Bitcoin prices on Tuesday. Schiff always claimed that the value of Bitcoin would one day drop to zero. This week he insists that the Bitcoin chart show a head-and-shoulders-top pattern with a “clipping around $ 30,000,” the pattern measuring a move to zero.
Schiff believes Microstrategy will sell every last satoshi
After Bitcoin (BTC) fell 10% on Monday night and Tuesday morning sessions, Peter Schiff went into his soap box on Twitter and pounded the leading crypto asset. Schiff often has nothing good to say about Bitcoin, but on Tuesday the vast majority of his tweets (nearly ten in total) were devoted to Bitcoin. The financial commentator also spoke about his favorite asset, gold, discussing how the precious metal fell 6% last week.
“Over the weekend, Bitcoin bugs poked fun at the 6% drop in gold last week, roughly double the 3% drop in Bitcoin,” Schiff said said. “But while gold made up some of those losses today, Bitcoin fell another 9%. While gold is down 9% from its 2021 high, Bitcoin is down a whopping 50%, ”he added.
Schiff’s tweets even targeted Bitcoin bulls like Michael Saylor from Microstrategy and Barry Silbert from the Digital Currency Group. ship tweeted:
If you really want to buy Bitcoin, wait for Microstrategy to sell its last Satoshi. If MSTR continues to sell stocks and borrow money to buy into a falling market, existing or new shareholders will be forced into liquidation. [Michael Saylor’s] Diamond hands are really made of glass.
A person defended CEO of Microstrategy and urged Schiff to discuss Saylor or to stop criticizing a “technology you don’t understand”. Other specified on the Twitter thread Schiff has already offered to debate Saylor, but the microstrategy manager allegedly “did not approach” him.
Schiff strikes Silbert and Novogratz, Spencer Schiff defends Bitcoin
In another tweet on Tuesday, Schiff went after Barry Silbert, CEO of the Digital Currency Group. “In March [Barry Silbert] promised GBTC investors to close the 10% discount on NAV by buying back shares worth $ 250 million “, wrote. “And then in early May he promised to increase the purchase to $ 750 million. So far he’s bought less than a third of it. What are you waiting for, Barry? ”Schiff asked the Digital Currency Group executive.
Then the gold bug went to billionaire and Galaxy Digital CEO Mike Novogratz.
“When Bitcoin crashed below $ 30,000, CNBC invited [Mike Novogratz] to try to pump it up again, “Schiff remarked after his many anti-Bitcoin tweet bombs on Tuesday. “Novogratz claims Bitcoin cannot continue to fall because there is all this new institutional demand. Assuming some institutions are interested in more than $ 60,000, I’m sure they lost interest below $ 30,000. “
Of course, Schiff’s son Spencer Schiff got involved after his father tweeted that Bitcoin was making a dead hop.
“Don’t rip off the fact that Bitcoin’s dead cat has risen from an intra-day low of about $ 28,6,000 to nearly $ 32,000,” Schiff’s said tweet on Tuesday. “Nothing falls in a straight line, [especially] a token that is as heavily manipulated as Bitcoin. With this bear market continuing, around 55% so far, it is better to sell the rips than to buy the dips, ”added the economist. Spencer, however, snapped at his father and said:
The Bitcoin Forecast Assistant has spoken.
However, in terms of likes and retweet ratio, Spencer’s dad had more likes and retweets. Others defended Spencer Schiff’s testimony and said that over a decade Peter was “spectacularly wrong” several times when it came to Bitcoin. If he’s right this time, it will be a pure situation with a broken watch. “
Schiff’s Bitcoin TA and the head-and-shoulders patterns that lead to zero
In addition to commenting on the dead cat bounce, Schiff also described an alleged head-and-shoulders pattern on the BTC / USD chart. As usual, Schiff stated that the fiat value of the leading crypto asset was nearing zero.
“The most threatening thing about Bitcoin’s head-and-shoulder top pattern is that with a head near $ 65,000 and a cutout of about $ 30,000, the pattern measures movement to zero,” Schiff said. wrote. “This is because the pattern projects a movement under the next line that corresponds to the movement from the neckline to the head.”
“Funny how you apply TA (technical analysis) with low probability on BTC, but you won’t even consider Bitcoin’s annualized returns over the past 10 years,” one individual replied on Schiff’s head and shoulder tweet.
What do you think of Peter Schiff’s bitcoin comment on Tuesday? Let us know what you think on this matter in the comments below.
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