Peter Schiff: Better to Sell Bitcoin Now and Buy It Back Cheaper

Peter Schiff, President of Euro Pacific Capital, updated his forecast for the Bitcoin price bottom and gave investors guidance.

How can anyone long #Bitcoin look at this chart and not sell? Even if you think Bitcoin will ultimately trade higher, it’s hard to image that it doesn’t test long-term support at the lower line first. I think it will fail that test. Regardless, better to sell now and rebuy lower. pic.twitter.com/GlHa3JL9mv

— Peter Schiff (@PeterSchiff) June 15, 2022

In mid-May, the well-known critic of the first cryptocurrency and gold advocate predicted that the digital asset would test the $8000 support level. He cited chart patterns forming on the price action, including a “double top” and a “head and shoulders.”

This time Schiff drew attention to the long-term support level around $5000.

“Even if you think Bitcoin will eventually trade higher, it’s hard to imagine that it won’t first test the long-term support at the lower line. I think it will fail that test. In any case, it’s better to sell now and buy cheaper,” commented the investor on the chart.

Before his previous forecast Schiff predicted the flagship would fall below $10 000, if the price sharply breached the $30 000 level. More than 80% of participants in his poll agreed that quotes would dip below the indicated mark.

On May 11, Bitcoin price fell below $30 000. After roughly a month of trading near the milestone, on June 13 the cryptocurrency’s price slipped below $23 000.

In early June, BitMEX co-founder Arthur Hayes said that Bitcoin quotes had reached the bottom of the current cycle.

Following the ensuing crash, Galaxy Digital founder and CEO Mike Novogratz expressed hope that the price of digital gold has moved closer to its minimum levels.

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