Peter Schiff Thinks BTC Could Easily Fall to $6K PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Peter Schiff Thinks BTC Could Easily Fall to $6K

Time Stamp: June 14, 2022 2:50 PM

Peter Schiff BTC

According to the well-known investor and BTC critic Peter Schiff, bitcoin could easily fall to $6K in the coming days. He also said that it’s also likely for it to fall as low as $3,000 if BTC holders keep selling off their holdings. If #Bitcoin can collapse by 70% from $69,000 to under $21,000, it can just as easily fall another 70% down to $6,000. Given the excessive leverage in #crypto, imagine the forced sales that would take place during a sell-off of this magnitude. $3,000 is a more likely price target. — Peter Schiff (@PeterSchiff) June 14, 2022 The tweet from Peter Schiff on BTC has come in the wake of mass firings by crypto companies. Popular crypto exchanges like Coinbase have laid off 18% of their workforce. This is most likely just the beginning of a wave of layoffs that will reverberate throughout the crypto community and beyond. Many hodlers may, therefore, be compelled to sell their Bitcoin as a result of their inability to find work. Bitcoin’s price can plummet as much as 70% from $69K to around $21K, and if that happens, it might go even further down to $6K. Picture the compelled sales that would occur in the event of such a large sell-off due to the high leverage in bitcoin. A price objective of $3K seems more likely. Peter Schiff’s Outlook on the Crypto Market According to Peter Schiff, BTC appears to be on the verge of collapsing to $20K, while Ethereum appears to be on the verge of collapsing to $1K. With food and energy prices climbing, many BTC hodlers will be compelled to sell to afford the expense, Schiff added. BTC isn’t accepted at gas stations or grocery stores. When BTC dropped during COVID-19, there was no need to sell, Peter Schiff said. Hodlers got stimulus cheques and user prices were lower. Peter Schiff emphasized that even more hodlers will be forced to sell their BTC to make ends meet as the recession continues. Long-term customers without income will be forced to sell if the situation changes, he continued. However, the majority of Bitcoin supporters continue to disregard all of Schiff’s bitcoin and crypto projections, with many taking his downbeat assessments as a buying signal for Bitcoins.

The post Peter Schiff Thinks BTC Could Easily Fall to $6K appeared first on Cryptoknowmics-Crypto News and Media Platform.

Time Stamp:

More from Cryptoknowmics