According to well-known investor and Bitcoin critic Peter Schiff, Bitcoin may easily fall to $6K in the next few days. He further projected that if BTC investors kept selling their shares, the price would fall to $ 3,000.
Peter tweeted the following:
The BTC tweet from Peter Schiff comes in the wake of a wave of crypto company crashes. Coinbase, a well-known cryptocurrency exchange, has suspended 18% of its employees. Most likely, this is just the beginning of a wave of demolition that will return to the crypto ecosystem and beyond. Because of their failure to get a job, many drivers may be forced to sell their Bitcoin. The price of Bitcoin can drop by about 70%, from $ 69K to about $ 21K, and if that happens, it could drop to $ 6K. Consider the compulsory trade-off that could result in such a huge sale due to the high rate of bitcoin. The target price of $ 3K seems very likely.
BTC appears to be on the verge of falling to $ 20K, while Ethereum appears to be close to falling to $ 1K, according to Peter Schiff. As food and energy prices rise, more BTC investors will be forced to sell in order to meet the costs, according to Schiff. Gas stations and supermarkets do not take BTC. There was no need to sell BTC when it collapsed during COVID-19, according to Peter Schiff. Hodler received promotional checks, and consumer prices dropped.
As the recession worsens, more hodlers will be forced to sell their BTC for a living, according to Peter Schiff. If the situation changes, he continued, long-term clients without income will be forced to sell. A lot of Bitcoin fans, on the other hand, continue to destroy all of Schiff’s bitcoin and crypto predictions, many making the mistake of not promising a buy signal.
