Peter Schiff outlines condition for Bitcoin to fall to $10,000

If Bitcoin decisively breaks below $30,000, it seems highly likely that the price will fall below $10,000. The forecast came from gold advocate and critic of the leading cryptocurrency Peter Schiff.

If #Bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K. That means anyone who owns Bitcoin now has a very important decision to make. What will you do? You had better decide now so you don’t panic and make a rash spur-of-the-moment decision.

— Peter Schiff (@PeterSchiff) May 8, 2022

He launched a Twitter poll to determine what strategies holders would pursue in this scenario.

As of writing, more than 34 000 users had participated. Fewer than 20% of respondents believed prices would not drop below $30,000.

During the poll Schiff noted:

“As of now, 80% of the 16,000 Bitcoin owners who answered my poll believe it will fall below $30,000. Given the current price of $34,500, why not sell and buy back after the drop, especially if you can also book a tax loss?”

So far 80% of the 16,000 #Bitcoin owners who responded to my poll believe that Bitcoin will fall below $30k. Given the current price of $34.5k, why not sell and buy back after the drop, especially if you can also book a tax loss?

— Peter Schiff (@PeterSchiff) May 8, 2022

During the poll, 54% of respondents planned to hold the asset. 15.5% intended to follow Schiff’s advice: sell the cryptocurrency and buy back later at a lower price. Only 10.5% were prepared to divest of Bitcoin.

The investor noted that he intentionally excluded the option of adding to his crypto on a decline. But he suspects many hodlers will resort to it.

“This is a bad idea,” Schiff said.

His market-fall forecast was echoed by a Bitcoin analyst under the handle Benevolent Ponzi. But he cautioned that it is unlikely in the near term.

“We will probably see a repeat of 2018. But it is unlikely to happen over the coming months. The market loves to make us wait for more pain.”

Nice oversimplification Peter. We’ll probably see a rhyme of what happened in 2018. But it’s unlikely to happen for months. Market loves forcing us to wait for more pain. https://t.co/t3TnzidzXe

— Benevolent Ponzi (@benevolentponzi) May 8, 2022

On May 9, the cryptocurrency fell below the $33 500 level.

Earlier in January, Galaxy Digital founder Mike Novogratz made a $1 million bet with Schiff about Bitcoin’s price. Schiff, for his part, had forecast a drop to $10,000 beforehand.

In January, a Bitcoin trader going by the alias macromule disclosed a successful trading strategy based on tweets about Bitcoin.