RATE Group | Bitcoin critic Peter Schiff explained why BTC may collapse to $2,000
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Bitcoin critic Peter Schiff explained why BTC may collapse to $2,000

22 Oct Bitcoin critic Peter Schiff explained why BTC may collapse to $2,000

Posted at 12:38h in Bitcoin News by

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  • Bitcoin may fall to $2,000 once the neckline is broken.
  • Peter Schiff says it is a red flag, nit a buying opportunity.

The financial expert and vocal Bitcoin critic Pitter Schiff believe that Bitcoin’s technical picture is horrible as the bear flag formation point to a potential decline towards $6,000 and proceed to as low as $2,000.

“The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neckline just below $8K, that projects a collapse to below $2K!” he wrote in his Twitter account. 

However, bitcoin proponents offered him to prove his words with actions. Thus, well-known Bitcoin supporter Whale Panda suggested that he opened a short position on BitMEX with 100x leverage. He also mentioned that some citizens of certain countries are banned from the platform. 

“Hi Peter, how about putting some…

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