On June 20, SchiffGold founder and CEO of Euro Pacific Capital, Peter Schiff, tweeted about the Bitcoin trend and marked its recovery as a “bull trend”. He does not expect the growth to continue as a recovery as the comeback to the $20,000 mark.
Schiff claimed that he does not yet see any indications of capitulation, which would indicate the end of the current crypto bear market. Schiff predicted many times early this year that Bitcoin would go as low as $6,000.
Schiff has urged Bitcoin investors not to get too enthusiastic about BTC returning to the $20,000 level. He believes that $20,000 is the “new $30,000,” and that such minor increases are usual in the aftermath of a large decrease. He says big drops don’t happen in a straight line, and the gradual decline is “very orderly.”
Over the weekend, he tweeted that his previous prediction of the cryptocurrency market falling below $800 billion had been validated, although it took a few more days, and altcoins fared better than he predicted.
However, in his previous tweet he said that “crypto likely has a future”, but did not include Bitcoin.
