Bitcoin Forum

After Bitcoin plunged below $21,000, prominent crypto hater and investor in gold Peter Schiff shared a chart which, to him, shows that the flagship digital currency is likely to test $5,000.

In the meantime, chief of Galaxy Digital Mike Novogratz believes $20,000 may be the bottom for Bitcoin, although he added that it may certainly go lower.

"Hard to imagine BTC not testing the lower line"
CEO of Euro Pacific Capital and founder of SchiffGold, prominent wealth manager and economist Peter Schiff has taken another jab at Bitcoin, seeing it plummeting from the $30,000 level.

Earlier this year, he has several times shared his expectations of Bitcoin falling substantially below the $30,000 level. If it happens, he tweeted at the start of the year, then BTC is likely to go all the way down to $10,000.

More details:
https://u.today/its-better-to-sell-bitcoin-now-and-rebuy-lower-peter-schiff

I always wonder why people that publicly say they hat bitcoin, then continue to comment on it. To me it seems more that he in reality trades bitcoin and tries to manipulate the price, since there would be no reason at all to recommend people to sell and buy later again if he doesn't want to buy himself.

Peter was always against bitcoin and this would be very unusual for him to tell you to buy it at any date and price. Don't expect any honest advice from him and this is a perfect example when he comes at -70% from the top and tells you to sell hoping that if enough people listen to him the price will go even lower and he'll be able to start his rant how worthless bitcoin is and how you'd do better buying gold. Gold that he can sell you at a premium.


It did not test the upper line this cycle, that's why people were waiting for 100k and it didn't happen.
I stand by my prediction that this cycle wasn't overbought like 2013 and 2017 and it's not going to correct 85% like those cycles. Unfortunately there was a lot of FUD and manipulation this time from the side of stable coins that dragged us down below the strong support of 23k and it caused a widespread panic among people who bought their first coins in 2021.


Remember that the lower we go in price the more we dip into the long term holder territory and you can see in Peter's prediction that he acknowledges that. He knows that every cycle there's more holders who take coins out of exchanges and that is why the lows for bitcoin are always higher and will continue to go higher. He sees the low at 10k, but just in 2020 it was at 3k, so even a permabear like Peter thinks the number of holders is three times what it was 2 years ago.

We all know that Peter Schiff is a gold enthusiast, he talks better about gold but talks bad about bitcoin, he has been talking about bitcoin since many years ago when bitcoin has always surpass gold in price, but not in marketcap. He can try to say what he wants this time around the world too as he has been saying before, but he has failed to be able to analyze that bitcoin may not fall below $14000. Bitcoin volatility is decreasing, but this year will also let us know more about this, but if the volatility is decreasing, I am not expecting bitcoin to even fall below $15000. Yet, all-time-high will occur and holders will make profit again.

That's pretty much Peter Schiff's branding and shtick. He wouldn't be as famous as today if it weren't for him talking crap about Bitcoin and the cryptocurrency space like every few days; and I'm pretty sure him and his businesses have heavily benefited off his publicity stunts.

Everyone is still waiting for his prediction of gold at $5000 to come true - unfortunately many will not wait for that day because life is too short for those who believe in fairy tales. The fact that someone constantly mentions in his statements something about which he has a very negative opinion only speaks in favor of Bitcoin being used to promote what he actually promotes all the time, and that is gold.

I am of the opinion that such people should not be given attention and emphasize their role where they are actually completely irrelevant. In other words, we should not care what Schiff, Buffett or Gates think about Bitcoin, nor did they invent it, nor does it depend on them.

Oh well, what do you expect from a gold bug like Peter Schiff. For sure we know what is his intention for making this statement.

Any how, it's no secret that this is also a strategy for some of us, we sell and then rebuy lower. But the risk is huge as we don't know if the price will continue to go down and not. Maybe you can buy it higher than you sell. So still up to you, continue to hold and buy or make things complicated by selling today and hopefully the price will nosedive and then you rebuy, it's your choice.

He's a clown and he's predictions are much like similar of us, it wouldn't be perfect or it may have had just a coincidence at all. You may wonder this tweet (https://www.twitter.com/PeterSchiff/status/1164150659282690048) of him, saying Bitcoin wouldn't hit 50k, and, yes he's wrong on that and as much as the scenario may possible, I can say sarcasm on that tweet of him just recently or even the past opinions of him.

Yea it May be the bottom
It May go lower
It May go sideways for weeks

Anyone can come up with comments like those.

I would do the opposite to what Schiff says, Buy now and if the market falls further buy
more!

It probably will fall lower but if you always have this approach in mind, you will never buy Bitcoin in bottom range.

When it falls to $20,000, you wait for $15,000 and when it actually plummets to $15,000, you will then wait for $10,000. After that, $10,000 will never be touched and you will see a rally of Bitcoin. Probably you will buy Bitcoin at $15,000 or $20,000.

Because you will not buy Bitcoin in Disbelief phase but will buy it in either Hope or Optimism phase.

Correct. They all have an agenda, and use dumb sites like Twitter to manipulate people.

I prefer to listen to the opinion of Michael Saylor, who, despite having huge amounts of bitcoin, continues to believe in the only stable cryptocurrency.

This greatly reassures me, but how the manipulation by the opponents of Bitcoin is going on is already becoming too obvious. In the current market, it is very easy to make negative forecasts, and besides, the feeling of being right can be great to amuse one's vanity.

But surveys show that the majority of bitcoiners still remain in bitcoin hold, as time and experience always show the strength of this crypto asset.

Don't rely on people. There were so many who believed in Musk when he started positing Bitcoin signs and laser eyes... I'm not against Michael Saylor, I really like his conviction, but people change their minds and become scammers, thieves and liars. Do you remember McAfee? There also was this guy Trace Mayer who was a famous bitcoin maxi and got caught shilling altcoins.

Luckily T has changed owner and our Lord Savior Mr. Mars will make it big and green, and then he will pump Bitcoin to unimaginable prices so we can all be as rich and happy as he is - proposal for the name of the new company TTEM (Tesla-Twitter - Earth-Mars) :D

Why do we still care what Peter Schiff thinks about bitcoin? He's a troll squared. Every year since 2011 he says that bitcoin's going to zero, and every year since that he turns out wrong. But, the worst among all this childish behavior, is that he has no idea what's making bitcoin useful at all. It's 2022 and he still thinks it's a ponzi, bubble, scam, whatever.

Grow up, Peter.

IMO, I think he has a valid point of reasoning, but honestly speaking it's not an easy task to do, because when you bought that Bitcoin during its price peak then you will lose your money if you sell your crypto at this current price, So I guess it is better to hold your Bitcoin now and wait for another shot when the market is bullish again for me thats better.

The current state of the crypto market is not only @Peter Schiff, who thinks strangely, in recent days many investors have the same thoughts as Peter Schiff and Mike Novogratz.

If you search google, you will find more complaints or anticipation of investors against Bitcoin this year, they are targeting the end of this year Bitcoin really plummeted as they wanted, although it will happen the other way around, obviously we will see what happens next with the current crypto market phenomenon.

Some experience has happened to Bitcoin, maybe if what is thought and believed by @Mike Novogratz, maybe they have experienced the action of Bitcoin, of course only we now make the best decisions right now or think the same as they think.

Instantly I remembered CZ's quote (https://twitter.com/i/status/1535397606737645568):
When people say they don't like something, but they can't stop talking about it, you know it's good.

Expressed trust can mean the opposite but it does not want to be known. In addition, sometimes haters still comment because bitcoin can interfere or even destroy their interests.

Eh, this guy often just makes graphs with dubious extrapolation parameters and then tells you it's the real thing.

There's a thing about prices though - nobody listens to random people and social media accounts. Their primary and sometimes only information source is the news.

Yeah, sure, go ahead, be my guest  :) You can start selling all your bitcoins now, and you can do it without telling anyone. Every time I read this kind of things well, it really looks like someone is trying to convince others to do something he has no intention to do in the first place.

Maybe we'll go down to $5k, maybe not, nobody knows it.

Peter Schiff is an anticoiner who does not respect nor understand Bitcoin. I would not take any kind of advice from him as he has been generally wrong throughout the lifetime of Bitcoin.

What Peter Schiff is, is a a stockbroker and a loudmouth. Why his name is in any way associated with crypto investments is very strange to me. If you ignored his advice back when Bitcoin was mere dollars the coin, you would be rich today.

Dude what the hell? Sell now, come on man what about the losses that we have at our disbursement when crypto fell more than 70% or for someone it’s more than that depending on at what price they bought it. I’m laughing at the statement of this guy, and true crypto neither will never ever do stupid stuff like this.

Crypto is like this only. It will always test your patience and these days it’s getting even worst. So I’m sure we just have to stick to the current plan: HOLD.

It's a tale of two men.
Schiff as the anti bitcoin.
Novogratz as the one who's always bullish for bitcoin.
These statements are no longer new when we always see the plunge on the market. The anti bitcoin will come out and give more negative statements to discourage everyone. While for the bullish ones and firm in the long term, we'll hear them say encouraging words.

I want to believe that's an assumption speculation, $5000 is the once upon a time fall bitcoin had when it was around $20000 as it then fall drastically to the range as low as the $5000, after the recent halving, bitcoin price jump up to the ATH of $68k and the least we can predict to fall is as low as $20k which is what is currently going on, I can't admit the fall prediction by Peter Schiff this time around as many suggestions keeps popping in as regards the dip but one thing remains constant, bitcoin is not altcoin.

I am open that bitcoin will always have bigger chances to drop lower than it’s current price but selling at its present price will never guarantee profits. There’s no reason to sell if the price is lower compared to the price when you bought it. But buying at this moment will always be recommendable based from the experiences of the early adopters here. So if you want to stay away from losses, learn to avoid people like Peter as they don’t have good things to say about bitcoin.

That’s a very absurd idea as you would still want to sell despite of a huge market crash. It’s like you are selling for a loss, and not to create more profits. Though it’s good to buy considering the market offers cheap potential coins, but selling bitcoin at the same time is never a good idea. Now is the time to buy as it could attract visible profits in the future, selling will likely be more profitable if bitcoin price is skyrocketing.

Doesn't matter how famous is Peter Schiff or how many followers he got and doesn't matter if bitcoin falls below the key support levels. They usually tweet such things to make people sell their coins and make everyone panic about falling the price and how people lose their coins and lose their money. That's pretty much simple if you have one bitcoin you have one bitcoin even if the price falls below 10K you still own one bitcoin and nothing gonna change it unless you decide to sell your bitcoin at a lower price and then you will have to buy back the bitcoin in a higher price, that how people lose their money, so I do not agree with Peter Schiff even if the price falls to lower prices than this.