Peter Schiff, a prominent Bitcoin opponent, Chief economist and the founder of SchiffGold.com, announced on June 16th that he made another near-perfect or nearly 100% forecast of cryptocurrency pricing.
It took a few days longer than I thought, but #Bitcoin came with $80 of $20K and #Ethereum within $20 of $1K. That's a 30% decline in Bitcoin and a 40% decline in Ethereum since this tweet 4 days ago! But the bottom is not in. When these lows are taken out, I expect a real crash. https://t.co/DNmfkwMK7V
— Peter Schiff (@PeterSchiff) June 15, 2022
Early this week, Peter Schiff asserted that he had correctly predicted the Ethereum value. He currently feels he has nearly predicted correctly the level at which Bitcoin and Ethereum would fall.
Bitcoin and Ethereum forecast by Peter Schiff
Schiff previously tweeted that Bitcoin and Ethereum had achieved the values he predicted for them before, which were $20,000 for Bitcoin and $1,000 for Ethereum, respectively. He acknowledged that it was not a direct strike because Bitcoin was $80 below the anticipated $20,000 mark and Ethereum was $20 underneath the $1,000 mark predicted by Schiff.
He also stated his prognosis on June 11th. While Peter Schiff now feels that the lowest level for the first 2 significant cryptocurrencies has yet to be hit. He stated that a major meltdown for both cryptocurrencies would occur as fast as the $20,000 and $1,000 marks are achieved and left behind.
This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K. If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don't buy this dip. You'll lose a lot more money.
— Peter Schiff (@PeterSchiff) June 11, 2022
Schiff stated on On June 15 that Bitcoin was expected to fall as low as $5,000 to challenge long-term support.
That post was shared after the leading cryptocurrency plummeted under $21,000 and also was extremely approaching to the stated $20,000 mark.
Surprisingly, while being a Bitcoin critic and a goldbug, he advised investors to sell their Bitcoin assets in order to recover them at a reduced price later on.
Schiff warned on Twitter at the start of the year that Bitcoin would fall below $10,000, and it did, falling well below $30,000.