Peter Schiff predicts doomsday for Bitcoin

Crypto-skeptic Peter Schiff continues to insist there is no value in Bitcoin and the digital token is on the verge of another fall. He has said on Twitter that the top cryptocurrency is on the way to dropping to $10,000 or even lower.

“Here is a long-term chart of #Bitcoin. Imagine how bad this chart will look once Bitcoin beaks below $30K,” Schiff tweeted on Sunday, adding, “A drop to $10K would seem like a lock, but there’s no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero!”

Schiff defines the “double top” as an indicator that suggests a strong bearish move. The term describes a technical pattern marking the top of a bullish rally and is considered finished when a price falls below the “neckline.” Currently, the Bitcoin neckline stands at around $30,000.

Schiff, the CEO of Euro Pacific Capital, has frequently been critical of cryptocurrencies, maintaining that Bitcoin is a massive speculative bubble that will implode, and people who are buying it now will be left holding the bag.

The economist, best known for predicting the 2008 financial crash, announced two years ago that he couldn’t access his Bitcoin holdings after his digital wallet stopped accepting his password. Noting that it was “not that great a tragedy,” he said: “I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”

Bitcoin has shed more than 25% of value after reaching an all-time high of over $68,000 in November. Analysts say the top crypto has started to recover from a three-month downtrend, but may not be out of the woods yet. The digital currency was trading 4% higher on Tuesday, above $44,000 per token.

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