Peter Schiff Predicts a £1k BTC Following Sell-Off

Bitcoin fell below the $8,000 key resistance level on Thursday, in a harsh sell-off that sucked in the rest of the cryptocurrency market. 

This harsh loss in value marked an almost fifty percent retracement in the past 12 months. But, with trade volumes taking a hit these last couple of days, Bitcoin’s fate was sealed.

Peter Schiff, the well-known gold bug and bitcoin naysayer did not pass up the chance to start ripping into the top crypto. Schiff is once more making an apocalyptic prognostication for bitcoin’s price and is even claiming that bitcoin is heading as far down as $1,000.

For those who have been in the industry for a long time will know, this is not the first time the gold bug has predicted disaster for the bitcoin price. For example, last month Schiff claimed that bitcoin’s chart was on its last legs and that the leading cryptocurrency was preparing itself for a significant fall to below the $2k range. 

Earlier today, Schiff took to Twitter to his typical extremely bearish prediction for bitcoin, by saying:

“#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.”

It will be interesting to see where the price of bitcoin goes from here. Maybe it will surge just to spite Schiff’s words... 

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