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HomeBTCBitcoin sceptic Peter Schiff predicts Bitcoin may fall below $20,000: Read further...

Bitcoin sceptic Peter Schiff predicts Bitcoin may fall below $20,000: Read further to know more

On August 29, Peter Schiff, chief economist and founder of Europac and SchiffGold conducted a poll on Twitter over the price fall of Bitcoin below the $20,000 mark.

Bitcoin sceptic Peter Schiff also mentioned some reasons why Bitcoin may not hold the $20,000 level and fall further down. As per the tweet, Schiff believes that even though there are many BTC buyers below $20,000 but there are even more BTC sellers above $20,000.

According to the poll results, 52.9% of the audience believes that there are more BTC sellers than buyers. Moreover, Schiff stated earlier this year that his bearish prediction of BTC has gotten right a couple of times, one in late June and August.

Schiff’s son Spencer, a Bitcoin believer, called his father “Bitcoin derangement syndrome” for continuously watching the BTC price. Schiff’s son admitted that even the BTC investor doesn’t spend that much time watching the BTC price.

On August 27, Schiff Sr. by mentioning his son’s passion for BTC wished Shiff Jr. a Happy birthday. Schiff Jr. replied to Schiff Sr. by saying, his interest in BTC is not a passion but rather a belief. Schiff Jr. further said BTC can make “humanity more prosperous and technologically advanced.”

Moreover, Spencer Schiff in August 2021 decided to go with BTC rather than gold that Peter Schiff loves and trusts so much.

On-chain data collector, Santiment, over the weekend tweeted about a close relationship between the BTC price and whale wallets holding the BTC between 100 BTC to 10,000 BTC, when the BTC price comes at the level of $20,000.

As per Santiment’s tweet, in the past 30 days, the number of wallets holding the BTC has increased by 103.

It was believed that the speech of Jerome Powell, Fed Reserve chairman on August 26 caused BTC to fall below $21,000 and further go down to $20,000.

Peter Schiff further expressed that due to the hawkish position of the US central bank, both the crypto and stock markets fell heavily.

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