Peter Schiff predicts BTC to collapse soon despite crossing the $9000 mark this week

• Yesterday, the leading crypto coin spiked above the $9000 mark leaving money investors and BTC traders satisfied as the halving event is but days away. 
• As many as predicted, the leading cryptocurrency could surge just before the event next week as well as in the aftermath of the halving.

Yesterday, the leading crypto coin spiked above the $9000 mark leaving money investors and BTC traders satisfied as the halving event is but days away. As many as predicted, the leading cryptocurrency could surge just before the event next week as well as in the aftermath of the halving.

Just as many bitcoin investors are happy to see the King coin regain some of its value, the well-known goldbug and bitcoin naysayer, Peter Schiff predicted that the leading coin would soon collapse despite it’s unprecedented bullish attitude this week.

Taking to Twitter as he usually does, Peter took in the theory that the upcoming block subsidy halving would give fuel to the rise of BTC in its value.

You can see his tweet below:

A consensus trade is crowded and usually doesn't pan out as the crowd expects. I can't think of a more consensus trade in #Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish. So once the halving occurs, who's left to buy?

— Peter Schiff (@PeterSchiff) May 5, 2020

It seems that even though the flagship coin was able to cross the $9000 key resistance level, Peter Schiff is still going about his bearish ways. The well-known critic of bitcoin has always been one to discuss its future and potential collapse as he has done this week. Bitcoin crashed in the middle of March and has ever since been trying to regain its highs and if yesterday is anything to go off, it seems to be doing a good job of it.

Before we finish though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

It will be interesting to see how this price action plays out. For more news on this and other crypto updates, keep it with CryptoDaily!