American economist, financial commentator and gold bug Peter Schiff has a lot to say about the price of Bitcoin on Tuesday. Schiff has always claimed that the value of Bitcoin will one day plummet. This week he insisted that the Bitcoin chart shows a head-and-shoulders pattern, “the neckline is around $30,000, and this pattern measures a move towards zero.”
Schiff believes that Microstrategy will sell every Satoshi Nakamoto
After Bitcoin (BTC) fell 10% overnight on Monday, during the trading session on Tuesday morning, Peter Schiff opened his soapbox on Twitter and finalized the leading crypto asset. Schiff usually has nothing to say about Bitcoin, but on Tuesday, most of his tweets (nearly 10 in total) were about Bitcoin. The financial commentator also talked about his favorite investment, gold, and discussed how precious metals fell by 6% last week.
“The Bitcoin loophole at the weekend made fun of the 6% drop in gold last week, which is about twice the 3% drop in Bitcoin,” Schiff Say“Although gold recovered some of its losses today, Bitcoin has fallen by another 9%. In addition, although gold has fallen 9% from its 2021 high, Bitcoin has fallen by 50%,” he added.
Schiff’s tweets even targeted Bitcoin bulls such as Microstrategy’s Michael Saylor and Digital Currency Group’s Barry Silbert.Schiff Tweet:
If you really want to buy Bitcoin, please wait until Microstrategy sells its last satoshis. If MSTR continues to sell shares and borrow money to buy into a falling market, existing or new shareholders will be forced to liquidate. [Michael Saylor’s] The diamond hands are really made of glass.
A person defend The CEO of Microstrategy also told Schiff to debate or stop criticizing “technology you don’t understand.”other statement In a Twitter post in which Schiff has already proposed a debate with Saylor, it is said that Microstrategy executives “didn’t accept him.”
Schiff criticizes Silbert and Novogratz, Spencer Schiff defends Bitcoin
In another tweet on Tuesday, Schiff hunted down Barry Silbert, CEO of Digital Currency Group. “In March. [Barry Silbert] Promise to GBTC investors that he will close the 10% NAV discount by repurchasing US$250 million in stock,” Schiff wrote“Then in early May, he promised to increase the purchase amount to 750 million US dollars. So far, his purchases are less than one-third of this amount. What are you waiting for Barry?” Schiff asked the digital currency Group executives.
Then the gold bug chases billionaire investor and Galaxy Digital CEO Mike Novogratz.
“As Bitcoin fell below $30,000, CNBC invited [Mike Novogratz] Trying to bring it back to its original position,” Schiff commented after posting many anti-Bitcoin tweet bombs on Tuesday. “Novogratz claims that Bitcoin cannot continue to fall because of all these new institutional demands. Assuming that some institutions are interested in more than $60,000, I’m sure they have lost interest below $30,000. “
Of course, Schiff’s son Spencer Schiff started to act after his father tweeted that Bitcoin would bounce back.
“Don’t be excited about Bitcoin’s dead cat rebounding from an intraday low of around $28,600 to close to $32,000,” Schiff said Twitter is harsh Tuesday. “Nothing falls linearly, [especially] A highly manipulated token like Bitcoin. As the bear market continues, about 55% so far, selling is better than buying on dips,” the economist added. However, Spencer fought back sharply against his father. Say:
The Bitcoin Forecast Wizard has already spoken.
However, in terms of the ratio of likes and reposts, Spencer’s father likes and reposts more.Others defended Spencer Schiff’s statement and Say Peter “has made amazing mistakes with Bitcoin many times over the past ten years. If he is right this time, it will be a purely broken clock.”
Schiff’s Bitcoin TA and the head and shoulders pattern leading to zero
In addition to the dead cat rebound comments, Schiff also described the so-called head and shoulders pattern on the BTC/USD chart. As usual, Schiff announced that the legal value of leading crypto assets is going to zero.
“The most ominous aspect of Bitcoin’s head-and-shoulders pattern is that when the head is close to $65,000 and the neckline is around $30,000, this pattern measures a movement toward zero,” Schiff wrote“That’s because the pattern projects a movement below the next line, which is equivalent to a movement from the neckline to the head.”
“It’s interesting how you apply low-probability TA (technical analysis) to BTC, but you don’t even consider the annualized return of Bitcoin over the past 10 years,” personal Responded Schiff’s head and shoulders tweet.
What do you think of Peter Schiff’s Bitcoin comment on Tuesday? Please tell us your thoughts on this topic in the comments section below.
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Barry Silbert, Bitcoin, Bitcoin (BTC), Bitcoin debate, Bitcoin micro-strategy, cryptocurrency, dead cat rebound, finance, free market, gold, head and shoulders, Irving Schiff, liberalism, Michael Seler , Micro Strategies, Mike Novogratz, Peter Schiff, Schiff, Schiff family, Silver, Spencer Schiff, Twitter, Twitter
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